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    When is a redemption effective: Reserve International Liquidity Fund Ltd
    2010-05-12

    The British Virgin Islands Commercial Court has recently delivered a decision in Western Union International Limited v Reserve International Liquidity Fund Ltd which addresses the issue of when during the redemption process a redeeming investor becomes a creditor of the fund and is therefore entitled to apply for the appointment of a liquidator.

    Filed under:
    British Virgin Islands, Insolvency & Restructuring, Litigation, Ogier, Share (finance), Shareholder, Dividends, Market liquidity, Liquidation, Articles of association, Unsecured creditor, Bankruptcy of Lehman Brothers, Net asset value, Companies Act 2006 (UK), Lehman Brothers
    Location:
    British Virgin Islands
    Firm:
    Ogier
    Close-out netting and set-off provisions for BVI, Cayman Islands, Guernsey, Jersey and Luxembourg counterparties
    2022-05-17

    Introduction

    The current geo-political climate is contributing to the rapid rise to inflation rates in many countries around the world. Governments have reacted with an inevitable increase to interest rates to try and offer some form of counterbalance to rising costs in an effort to stymy localised, and more widespread, economic recessions.

    Filed under:
    British Virgin Islands, Cayman Islands, Guernsey, Jersey, Luxembourg, Derivatives, Insolvency & Restructuring, Ogier, International Swaps and Derivatives Association
    Authors:
    Ray Wearmouth , Christian Burns-Di Lauro , Mark Santangeli , Chris Wall , Christopher Jones , Paul Chanter , Anthony Oakes , Bruce MacNeil , Jad Nader
    Location:
    British Virgin Islands, Cayman Islands, Guernsey, Jersey, Luxembourg
    Firm:
    Ogier
    INSOL Europe insights: cryptoassets and insolvency
    2021-06-21

    It's probably becoming a cliché to say that the future is already here, but it's hard to resist. New technology increasingly pervades every professional sector, including that of insolvency.

    In a recent report by the Law Society on developing technology, the Chancellor of the High Court, Sir Geoffrey Vos, commented that: "Lawyers face a steep learning curve. They will need to become familiar with […] cryptoassets – conceptually and functionally."

    Filed under:
    Japan, Banking, Insolvency & Restructuring, IT & Data Protection, Litigation, Ogier, Blockchain, Bitcoin, Cryptocurrency
    Authors:
    Alex Horsbrugh-Porter
    Location:
    Japan
    Firm:
    Ogier
    Bringing claims against Cayman Islands entities subject to insolvency processes
    2020-08-27

    Rumours that a company is in the zone of insolvency may create a race to the assets, with potential creditors or interested parties commencing proceedings in an attempt to secure payment from the company before its assets are fully dissipated or tied up in the insolvency process. This can destroy the collective value in the enterprise or scupper a restructuring and result in significant duplicative costs.

    Filed under:
    Cayman Islands, Company & Commercial, Insolvency & Restructuring, Litigation, Ogier
    Authors:
    Jennifer Fox , Sam Keogh
    Location:
    Cayman Islands
    Firm:
    Ogier
    Insolvency of Guernsey Companies
    2020-04-07

    Introduction

    Filed under:
    European Union, Guernsey, Insolvency & Restructuring, Ogier, Liquidation
    Authors:
    Christopher Jones , Mathew Newman , Alex Horsbrugh-Porter , Paul Chanter
    Location:
    European Union, Guernsey
    Firm:
    Ogier
    New ground in insolvency in Guernsey
    2018-05-02

    Ogier's team continues to be at the forefront of Restructuring and Insolvency law, acting in two matters that have broken new ground in Guernsey recently.

    Partner Mathew Newman appeared before the Guernsey Royal Court for the applicants in two matters which raised several legal issues, some of which have not been addressed previously by the court.

    Filed under:
    Guernsey, Insolvency & Restructuring, Litigation, Ogier
    Authors:
    Mathew Newman
    Location:
    Guernsey
    Firm:
    Ogier
    Transfers of shares of Cayman companies in liquidation
    2014-03-24

    Over the past two or three years, we have seen an increasing number of cases where a client holds and wishes to sell or transfer shares in a Cayman Islands company which is in liquidation, or is seeking to purchase shares in such a company from another party.  In those circumstances, the transfer of the shares would be void absent the validation of the Grand Court of the Cayman Islands, as a result of section 99 of the Companies Law (2013 Revision) ("Section 99").  Section 99 is in the following terms:

    Filed under:
    Cayman Islands, Insolvency & Restructuring, Private Client & Offshore Services, Ogier, Share (finance), Liquidation
    Authors:
    Angus Davison , Giorgio Subiotto
    Location:
    Cayman Islands
    Firm:
    Ogier
    In the matter of Ruscoe Ltd (In Liquidation) [2012]: directors' liability for breach of fiduciary duty
    2012-10-22

    The recent decision of the English High Court in the case of Fry v Sherry [2012] (In the matter of Ruscoe Ltd (In Liquidation)) serves as a timely reminder of the potential personal liabilities faced by directors should they breach their fiduciary duties. 

    Summary of the facts

    Filed under:
    United Kingdom, Company & Commercial, Insolvency & Restructuring, Litigation, Ogier, Shareholder, Fiduciary, Companies Act 1985 (UK), High Court of Justice
    Authors:
    Raulin Amy
    Location:
    United Kingdom
    Firm:
    Ogier
    When is a redemption effective?: Reserve International Liquidity Fund Ltd
    2010-04-30

    The British Virgin Island’s Commercial Court has recently delivered a decision in Western Union International Limited v Reserve International Liquidity Fund Ltd which addresses the issue of when during the redemption process a redeeming investor becomes a creditor of the fund and is therefore entitled to apply for the appointment of a liquidator.

    Filed under:
    British Virgin Islands, Capital Markets, Insolvency & Restructuring, Litigation, Ogier, Share (finance), Shareholder, Dividends, Market liquidity, Liquidation, Articles of association, Liquidator (law), Unsecured creditor, Bankruptcy of Lehman Brothers, Net asset value, Companies Act 2006 (UK), Lehman Brothers
    Authors:
    Simon Schilder
    Location:
    British Virgin Islands
    Firm:
    Ogier
    Snapshot: Cayman Islands Court of Appeal clarifies test for security for costs in context of recovery claims by official liquidators against former management
    2022-04-21

    The Cayman Islands Court of Appeal has recently delivered helpful clarification on the principles which apply with respect to security for costs when the official liquidators of an insolvent fund seek to bring claims against its former management. Where it is clear to the Court that a defendant was responsible for management decisions immediately before a company entered insolvency, the Court may exercise its discretion, notwithstanding the impecuniosity of the plaintiff company, not to order payment of security for costs.

    Filed under:
    Cayman Islands, Company & Commercial, Insolvency & Restructuring, Litigation, Ogier
    Authors:
    Gemma Lardner , Jordan Constable
    Location:
    Cayman Islands
    Firm:
    Ogier

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