Unravelling
Complexity

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Unravelling Complexity

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Keep Calm and Be a (Black) Swan – Standalone injunctive relief
Litigation, Insolvency and Restructuring

Keep Calm and Be a (Black) Swan – Standalone injunctive relief

The British Virgin Islands sets itself apart from other offshore and onshore centres through the speed, efficiency and flexibility with which it deals with matters, especially those arising from fraud. Absent a statutory gateway for standalone injunctive relief, the Courts in the BVI have long grappled with extending relief to an aggrieved party who has, after suffering a fraud, commenced proceedings in a foreign jurisdiction and pending judgment wished to prevent the wrongdoer from dissipating assets.
Norwich Pharmacal relief – a flexible tool to fight fraud
Litigation, Insolvency and Restructuring

Norwich Pharmacal relief – a flexible tool to fight fraud

Cayman courts, like courts in other common law jurisdictions, have the power to order third parties to reveal information about wrongdoing, even where that information would otherwise be confidential. A Norwich Pharmacal order (named after the leading English case) can be a powerful tool to assist with tracing of assets and enforcement, requiring a third party to disclose information and documents. The Cayman courts have confirmed the existence of the jurisdiction to grant Norwich Pharmacal relief in aid of foreign proceedings is a settled proposition in light of Privy Council authority on the issue (Chief Justice in Braga v Equity Trust Company). Recent decisions have shown that the Grand Court is willing to use this tool in a flexible way.
Director indemnities, tensions and practicalities
Litigation, Insolvency and Restructuring

Director indemnities, tensions and practicalities

Following a series of landmark directors’ duties cases in the Cayman Islands, Senior Associate Lachlan Greig and Partner Katie Pearson explore the pressures faced by directors sitting on boards of Cayman Island funds.
Trustees of Cayman Islands trusts now required to maintain trust records
Litigation, Insolvency and Restructuring

Trustees of Cayman Islands trusts now required to maintain trust records

The Cayman Islands Trusts Law has been amended for the second time in 2019, with the introduction of a statutory obligation on trustees to maintain and keep up-to-date certain trust records. In particular, trustees are now obliged to keep records about trust parties (settlors, beneficiaries, protectors, etc) as well as any other person exercising ultimate effective control of a trust. Trustees now also have a statutory obligation to maintain trust accounts. These obligations are imposed on trustees of all Cayman Islands trusts, irrespective of the location of the trustee.
Cayman Court provides valuable guidance on dealing with frozen assets under Libyan sanctions
Regulatory and Tax

Cayman Court provides valuable guidance on dealing with frozen assets under Libyan sanctions

In Palladyne International Asset Management B.V. v Upper Brook (A) Ltd and Others, the Grand Court of the Cayman Islands issued important judicial guidance regarding the extent to which the dealing restriction under the Libyan sanctions regime was applicable in the Cayman Islands. In particular, the court was asked to examine the scope and meaning of the restriction on the ‘use’ of funds frozen under the Libya (Restrictive Measures) (Overseas Territories) Order 2011.
Chambers Global - BVI Trends and Developments
Litigation, Insolvency and Restructuring

Chambers Global - BVI Trends and Developments

Harneys contributed to the BVI Trends and Developments section in the Chambers Global Practice Guide Insolvency chapter. The section gives an overview of current trends and developments in local legal markets. Harneys Partners Andrew Thorp and Stuart Cullen analyse particular trends and provide a broader discussion of key developments in the jurisdiction.