Insights

In a rare example of judicial comity being sidelined in a cross-border insolvency, the Cayman Islands Grand Court has declined to follow an earlier ruling of the High Court of Hong Kong. Partner Jessica Williams and Associate Mark Burrows examine the case of Altair Asia.

Here is a way to start an article like no other; what a fantastic year 2020 has been. The obituary of the hedge fund industry has been written many times, but for some, it was written in indelible ink in 2008 following the financial crisis. Commentators blamed the industry for its part in the global collapse, notwithstanding the fact that a huge majority of fund vehicles during that time were actually victims themselves. Ignoring the huge layer of red tape that subsequently encased the industry, this wasn’t actually the largest cause for concern.

All BVI companies and limited partnerships with legal personality must now report on their ES position annually (this includes foreign companies and limited partnerships with legal personality registered in the BVI).

The vast majority of BVI companies will need to ensure their registered agent is able to upload their economic substance report into the Beneficial Ownership Secure Search system (BOSS) before 30 December 2020.

“Judicial international co-operation is a well-established tradition in Cayman Islands’ jurisprudence…” wrote Chief Justice Anthony Smellie in an article appearing in the Beijing Law Review nearly 10 years ago… “the over-arching principle is, of course, comity – that civilised notion that requires reciprocity of co-operation and assistance between the courts of different countries…”

Cayman Islands entities will be receiving their annual invoices for 2021 registration fees in the last quarter of 2020. If you are considering terminating your entity or terminating registration with the Cayman Islands Monetary Authority (CIMA) you will need to act promptly in order to avoid or reduce the 2021 registration fees and filings.