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Liquidation of Limited Liability Companies (LLC) in UAE
2017-04-30

Introduction:

Filed under:
United Arab Emirates, Company & Commercial, Insolvency & Restructuring, Legal personality, Shareholder, Limited liability company, Liability (financial accounting), Liquidation, Articles of association, Liquidator (law)
Location:
United Arab Emirates
View Original Article
Obtaining a Moratorium in Support of a Cayman Islands Restructuring
2017-03-08

In CHC Group Ltd ("CHC") the Cayman Islands Grand Court has determined that, in certain circumstances, directors of a company can commence Cayman Islands restructuring provisional liquidation proceedings ("RPL Proceedings") without the need for a shareholders' resolution or authorisation in the company's articles of association. This decision allows greater access by companies to the Cayman Islands restructuring regime by confirming a practical solution to the so-called Emmadart issue.

Filed under:
Cayman Islands, Insolvency & Restructuring, Litigation, Maples Group, Shareholder, Articles of association
Authors:
Nick Herrod , Paul Smith
Location:
Cayman Islands
Firm:
Maples Group
View Original Article
Voluntary liquidation or Strike-off?
2017-03-08

Voluntary liquidation or Strike-off? - Alternatives to voluntarily achieving the conclusion of operations and dissolution of Cayman companies

Filed under:
Cayman Islands, Company & Commercial, Insolvency & Restructuring, Private Client & Offshore Services, Loeb Smith Attorneys, Shareholder, Liquidation, Dissolution (law)
Location:
Cayman Islands
Firm:
Loeb Smith Attorneys
View Original Article
More clarity on redemption rights for distressed funds
2016-08-11

When Cayman Islands funds undergo liquidity stress on their balance sheet due to holding illiquid assets or irregular large redemption requests, directors of Cayman Islands funds generally consider mechanics to provide for an orderly restructure to meet redemption requests which arise. Common arrangements are to implement a “redemption gate” which limits redemptions to a certain percentage of shares in the fund or a stronger response such as a suspension of all redemptions.

Filed under:
Cayman Islands, Insolvency & Restructuring, Private Client & Offshore Services, Shareholder, Market liquidity, Liquidation, Balance sheet, Court of Appeal of England & Wales
Location:
Cayman Islands
View Original Article
Voluntary Winding-up of a Cayman Islands Company
2016-05-29

A Cayman Islands company can be dissolved by the appointment of a liquidator or it can be dissolved without such appointment if the company is struck off the register as a result of an application to the Registrar of Companies for the purpose.

Voluntary liquidation

In circumstances where the company has been active and has substantial assets and liabilities, it is normal and recommended for the company to be liquidated.

Filed under:
Cayman Islands, Insolvency & Restructuring, Private Client & Offshore Services, Loeb Smith Attorneys, Shareholder, Liability (financial accounting), Liquidation, Articles of association, Liquidator (law)
Authors:
Gary Smith , Yun Sheng
Location:
Cayman Islands
Firm:
Loeb Smith Attorneys
View Original Article
Shareholder disputes in the Cayman Islands: Petitions to wind up a company on "just & equitable" grounds...
2016-01-25

Loss of substratum (or reason for existence)

Filed under:
Cayman Islands, Insolvency & Restructuring, Litigation, Private Client & Offshore Services, Loeb Smith Attorneys, Shareholder, Liquidation
Location:
Cayman Islands
Firm:
Loeb Smith Attorneys
View Original Article
A level playing field: security for costs applications in winding up proceedings
2015-03-12

The Court of Appeal has recently clarified that if a foreign company, being a shareholder of a Cayman Islands company, issues a winding up petition against that company and there is evidence that the petitioning company will be unable to pay an adverse costs order if the respondent is successful at trial, then the Cayman Islands court has an inherent jurisdiction to order the petitioning foreign company to provide security for the respondent's costs – Re Dyxnet Holdings1.  Foreign company petitioners are now in the same position as Cayman Islands petitioners. 

Filed under:
Cayman Islands, Insolvency & Restructuring, Litigation, Private Client & Offshore Services, Maples Group, Shareholder
Authors:
Colin McKie KC
Location:
Cayman Islands
Firm:
Maples Group
View Original Article
Spanish Corporate-Real Estate Legal Update nº 31. July 2016: The Supreme Court Rates a Credit as Subordinated Because the Creditor Is a Company Belonging to the Insolvent Company’s Group
2016-07-06

Judgment of the Supreme Court, Chamber One, Number 134/2016, 04 March

Filed under:
Spain, Insolvency & Restructuring, Litigation, Real Estate, Squire Patton Boggs, Legal personality, Shareholder, Credit (finance), Debtor, Consideration, Debt, Mortgage-backed security, SCOTUS, Court of cassation
Authors:
Ramón Castilla
Location:
Spain
Firm:
Squire Patton Boggs
View Original Article
Tick, Tick: MVLs- a ticking time bomb?
2016-04-20

Due to the introduction of new tax legislation on 6th April 2016, distributions made to shareholders of companies undergoing Members’ Voluntary Liquidation (MVL) are now treated as income (rather than capital) and are taxed accordingly. The result is that the tax rate on MVL proceeds has shot up to a staggering 28%, as detailed in our previous article.

Filed under:
United Kingdom, Insolvency & Restructuring, Squire Patton Boggs, Shareholder, Liquidation
Authors:
Charles Draper
Location:
United Kingdom
Firm:
Squire Patton Boggs
View Original Article
Ritchie v. Rupe
2014-07-04

The Texas Supreme Court, on June 20, 2014, issued its highly  anticipated opinion in Ritchie v. Rupe, 2014 Tex. LEXIS 500 (Tex.  2014). Ritchie involved a claim by a minority shareholder in a  closely held corporation under the Texas receivership statute,  seeking to force the majority shareholders to buy-out the minority  shareholder’s interest in the corporation. The Texas Supreme  Court, in a decision that curtails the rights and remedies of  minority shareholders in closely held companies, rejected the  minority shareholder’s claim, holding as follows:

Filed under:
USA, Texas, Company & Commercial, Insolvency & Restructuring, Litigation, Squire Patton Boggs, Shareholder, Business judgement rule, Joint-stock company, Texas Supreme Court
Location:
USA
Firm:
Squire Patton Boggs
View Original Article

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