Passing the Golden Thread through the Eye of a Needle In Singularis 1 , as is well known, the Privy Council Board considered the doctrine of modified universalism whereby, broadly speaking, a court will give such assistance as it can to foreign insolvency proceedings, as is consistent with local law and local public policy, so as to ensure that a company's assets are distributed under a single system; and held by a majority that there is a common law power to assist a foreign insolvency, although the power could not be used to enable foreign liquidators to do something that they could not d

The Channel Islands of Guernsey and Jersey did not introduce emergency insolvency legislation as a result of the Covid-19 pandemic and do not presently have measures equivalent to those found in the UK’s Corporate Insolvency and Governance Act, 2020 (“CIGA”).

On 10 September 2021, Chief Justice Smellie QC in Re Premier Assurance Group SPC Ltd. (in Official Liquidation) sanctioned a streamlined adjudication process proposed by the joint official liquidators ("JOLs") of Premier Assurance Group SPC Ltd (in Official Liquidation) (the "Company"), circumventing the requirement for thousands of participants to lodge separate proofs of debt in an insolvent liquidation.

Last month, leading litigation funder and asset management firm Burford posed questions on major legal developments in the offshore markets over the past 18 months and economic trends that will play out in the markets post-pandemic to leading litigators, insolvency practitioners and financial professionals in the region.

In today's global economy, cross-border structures, frequently including an offshore entity, have become familiar to office holders around the world. 

However, the territorial limits of a court’s powers can mean that such structures present obstacles with which office holders attempting to conduct an orderly and efficient winding up of a debtor's affairs need to familiarise themselves.

The principle of modified universalism mandates that, within the constraints of public policy, courts should co-operate across jurisdictions. 

Grand Court confirms that Section 48 of the Trusts Act (2021 Revision) provides a statutory gateway for the approval of former liquidators' fees as statutory trustee pursuant to Order 23, rule 5 of the CWR

International Insolvency & Restructuring Report 2021/22 capital markets intelligence Insolvency cover 2021-22.indd 1 29/04/2021 11:12:07 International Insolvency & Restructuring Report 2021/22 The unprecedented financial volatility and operational uncertainty brought about by the COVID-19 pandemic has forced many companies to consider a range of restructuring options in a variety of jurisdictions, either on a proactive basis or as a reaction to creditor pressure.

This article first appeared in Volume 20, Issue 1 of International Corporate Rescue and is reprinted with the permission of Chase Cambria Publishing - www.chasecambria.com.

Synopsis

The Irish Government has published the details of a new 'out-of-court' rescue process for small companies, the Small Company Administrative Rescue Process or 'SCARP'. The process seeks to borrow some features from the well-established examinership rescue process, but with one fundamental difference, being the limited role of the Irish courts proposed for SCARP. The relative high cost of examinership for smaller companies has historically been found to be a barrier for entry.

Following a recent hearing, the Grand Court of the Cayman Islands (the "Grand Court") has handed down a notable judgment (the "Judgment") approving the remuneration of the Principal Liquidators of Herald Fund SPC (In Official Liquidation) ("Herald")1 incurred during a six-month period, the entire amount of which had been opposed by Herald's Liquidation Committee.