Unravelling
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Unravelling Complexity

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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.
Corporate receivership applications – Fighting back
Litigation, Insolvency and Restructuring

Corporate receivership applications – Fighting back

This article, published by IFLR, discusses the role of receivership applications within the Cayman Court. Paul Smith and Katie Pearson deliberate the alternative ways receivers can be appointed, including prior to judgement and by way of equitable execution. The article draws upon several cases from the Cayman Islands courts, including the 2011 case of TMSF v Merrill Lynch Bank and Trust Company (Cayman) Ltd.
Illegality defense developments in UK and Cayman Islands
Litigation, Insolvency and Restructuring

Illegality defense developments in UK and Cayman Islands

The principles that a person should not benefit from his own wrongdoing and that the law should not condone illegality are longstanding. Keen legal historians might be aware that these are precepts in Roman law and there are echoes in Deuteronomy. In its broadest form, it extends to conduct which is not just illegal but also unethical. Download the PDF to read more.