Mondaq Offshore: Insolvency/Bankruptcy, Re-structuring
A discussion on a recent decision of the Grand Court of the Cayman Islands, which offers helpful guidance in respect of the remedies open to an office-holder appointed in respect of an insolvent foreign company who wishes to bring insolvency claims in the Cayman Islands.
A netting agreement is a contract whereby each party agrees to set off the amounts that it owes against amounts owed to it.
Companies in crisis are often tempted to sell, charge, or otherwise dispose of assets so as to put them beyond the reach of creditors.
It is very difficult for those practising in the field of cross-border insolvency and restructuring not to notice the significant moves towards international comity by various jurisdictions around the world.
In the recent decision of Kenneth Krys and Joanna Lau (as Joint Liquidators of Fairfield Sentry Limited in Liquidation) and Stichting Shell Pension Funds, HCVAP 2011/036, the ECSC Court of Appeal provided some clarification of its decision in Westford Special Situations Fund Limited v Barfield Nominees Limited et al HCVAP No. 14 of 2010.
Investors and corporate entities choose jurisdictions with knowledge that they have mature insolvency regimes that will apply in the event of insolvency.
In 1998, significant amendments were incorporated into the Cayman Islands Companies Law permitting the formation of a segregated portfolio company.
Regulation (EC) No. 1346/2000 dated May 29, 2000 regarding insolvency proceedings was applicable in the context of civil proceedings concerning the existence of a right in rem.
Over the past month the Greek debt crisis has been putting quite
some pressure on the rate of the Euro.
Did you know that the court's guiding principle on assessing remuneration for liquidators in respect of their administration of trust assets held by the company is similar to the principle applicable to liquidation work, that is, on a "value for money" basis rather than as an indemnity against cost?
The Court of First Instance delivered its judgment in the high-profile case of Kam Kwan Sing v Kam Kwan Lai & Ors.
The Companies Bill recently passed in the Legislative Council renders auditors criminally liable if they knowingly or recklessly omit certain information from their reports.
In the recent decision of "Re Po Yuen (To’s) Machine Factory Limited" [2012] HKCU 816, the Honourable Mr. Justice Harris confirmed that the liquidators of a company in liquidation may enter into a litigation funding arrangement with a third party.
A discussion relating to a recent decision, which has important implications for insolvency procedures and particularly the difference between Cayman Islands law and the UK and USA.
Although not on appeal from an Isle of Man court, the Supreme Court in these two cases dealt with principles very relevant to Manx lawyers.
A commentary on the remedies in relation to cross border insolvency available under Jersey law.
A guide which outlines the procedures to wind up Jersey registered companies, the circumstances in which transactions entered into by an insolvent company may be set aside, and the circumstances in which a company’s officers and managers may incur civil or criminal liability.
Financials was the leading sector with approximately 53% of total completed EMEA distressed debt restructuring deal volume.
The Act of May 20 2011 implements EU Directive 2009/44/EC (amending the EU Settlement Finality Directive and the EU Collateral Directive), and amends the Collateral Act of August 5 2005.
As Europe is overshadowed by sovereign debt crisis, EU core and peripheral countries seem to be drifting apart.
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A discussion relating to a recent decision, which has important implications for insolvency procedures and particularly the difference between Cayman Islands law and the UK and USA.
A discussion on a recent decision of the Grand Court of the Cayman Islands, which offers helpful guidance in respect of the remedies open to an office-holder appointed in respect of an insolvent foreign company who wishes to bring insolvency claims in the Cayman Islands.
The voluntary liquidation process in the Cayman Islands is straight forward and definitive as a Cayman Islands company that has underwent a voluntary liquidation ceases any future claims by creditors against the company.
The ruling of the second US Circuit Court of Appeals in a recent case has resolved one particular uncertainty while retaining a versatile and open-ended approach to assessment of the criteria which govern Chapter 15 relief.
The Companies Bill recently passed in the Legislative Council renders auditors criminally liable if they knowingly or recklessly omit certain information from their reports.
As Europe is overshadowed by sovereign debt crisis, EU core and peripheral countries seem to be drifting apart.
The recent decision of Rubin v Euro Finance SA & Others [2012] UK SC 46 has been welcomed in England and Wales as clarifying the English common law applying to the recognition and enforcement of foreign judgments made in relation to foreign insolvency proceedings.
Although not on appeal from an Isle of Man court, the Supreme Court in these two cases dealt with principles very relevant to Manx lawyers.
The Companies (Winding up Amendment) Act, 2011 (the "Act") came into force on April 30, 2012.
