Offshore Litigation

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Offshore Litigation

The Offshore Litigation Blog is where you will find recent case updates, offshore litigation news, offshore filings lists, interviews and even some insights into island life, written by Harneys litigators from around the world.

Contributors

Jonathan Addo
Jonathan Addo
  • Jonathan Addo

  • Partner
  • British Virgin Islands
Jeremy Child
Jeremy Child
  • Jeremy Child

  • Partner
  • London
Stuart Cullen
Stuart Cullen
  • Stuart Cullen

  • Partner
  • British Virgin Islands
Julie Engwirda
Julie Engwirda
  • Julie Engwirda

  • Partner
  • Hong Kong
Peter Ferrer
Peter Ferrer
  • Peter Ferrer

  • Partner
  • British Virgin Islands
Claire Goldstein
Claire Goldstein
  • Claire Goldstein

  • Partner
  • British Virgin Islands
Hazel-Ann Hannaway
Hazel-Ann Hannaway
  • Hazel-Ann Hannaway

  • Partner
  • British Virgin Islands
Nick Hoffman
Nick Hoffman
  • Nick Hoffman

  • Partner
  • Cayman Islands
Andrew Johnstone
Andrew Johnstone
  • Andrew Johnstone

  • Partner
  • Hong Kong
Paula Kay
Paula Kay
  • Paula Kay

  • Partner
  • Hong Kong
Phillip Kite
Phillip Kite
  • Phillip Kite

  • Partner
  • London
Vicky Lord
Vicky Lord
  • Vicky Lord

  • Partner
  • Shanghai
Paul Madden
Paul Madden
  • Paul Madden

  • Partner
  • Cayman Islands
Henry Mander
Henry Mander
  • Henry Mander

  • Partner
  • Cayman Islands
Ian Mann
Ian Mann
  • Ian Mann

  • Partner
  • Hong Kong
William Peake
William Peake
  • William Peake

  • Partner
  • London
Lorinda Peasland
Lorinda Peasland
  • Lorinda Peasland

  • Consultant
  • Hong Kong
Chai Ridgers
Chai Ridgers
  • Chai Ridgers

  • Partner
  • Hong Kong
Nicola Roberts
Nicola Roberts
  • Nicola Roberts

  • Partner
  • Hong Kong
Paul Smith
Paul Smith
  • Paul Smith

  • Partner
  • Cayman Islands
Andrew Thorp
Andrew Thorp
  • Andrew Thorp

  • Partner
  • British Virgin Islands
Jessica Williams
Jessica Williams
  • Jessica Williams

  • Partner
  • Cayman Islands
Jayson Wood
Jayson Wood
  • Jayson Wood

  • Partner
  • Cayman Islands

Bond restructuring – overcoming structural bond impediments to effect a compromise

The use of a co-obligor structure is a clever artificial legal contrivance to transfer claims into a single entity which effects a compromise through a scheme of arrangement. With recent (but not necessarily pioneering) judicial approval by Mr Justice Zacaroli in the English High Court the case of Re Gategroup Guarantee Limited, it is worth considering the use of co-obligor structures in more detail for use in offshore restructurings. It should be noted that the restructuring in that case was by way of a plan of arrangement under the new English Part 26A of the 2006 Act, implemented by the Corporate Governance and Insolvency Act 2020, where cross-class cram downs are available. This is not yet available offshore, but we will be blogging on whether it should be shortly.

Ian Mann, Chai Ridgers,
Katie Pearson, Claire Goldstein,
Jessica Williams, William Peake

BVI Commercial Court: NY shareholder activist wins private placement attack

In the recent decision of IsZo Capital LP v Nam Tai Property Inc, Justice Jack of the BVI Commercial Court held that a private placement was made for an improper purpose; principally to defeat a validly issued requisition for a shareholders’ meeting. The Court held that the placement was void, and ordered re-institution of the shares to their pre-placement value.

Romane Duncan, Ian Mann,
Sarah Thompson, Hazel-Ann Hannaway,
Julie Engwirda, Jeremy Child

A masterclass in “light touch” – PL restructuring proposals face scrutiny before appointment

In a recent case before the Grand Court of the Cayman Islands, In the Matter of Midway Resources International, Justice Segal granted an application to appoint “light touch” restructuring provisional liquidators (PLs) in order to assist with and facilitate restructuring negotiations, to give the company and the PLs the opportunity to stabilise the position, and to seek constructive discussions with the creditors and the funder - whose continued support was critical to the process.

Ian Mann, Chai Ridgers,
Jayson Wood, Jessica Williams,
Lorinda Peasland

Cayman Islands Grand Court releases important decision on costs and fair interest in s238 proceedings: In re Qunar

Petitions filed under Section 238 of the Cayman Islands Companies Act are ultimately concerned with one thing: the fair value of shares held by shareholders who have dissented from a merger or consolidation and therefore rejected the price offered to them for their shares. The company subject to the merger contends for a lower valuation; the dissenting shareholder contends for a higher valuation; expert valuation evidence is adduced; the Court, with the assistance of the experts, arrives at a fair value figure.

James Eggleton, Jessica Williams,
Paul Madden, Julie Engwirda,
Paula Kay, James Granby,
Jeremy Child, Francesca Gibbons

Potentially catastrophic dissolution of BVI companies averted through restoration

In the recent case of Global Diversity Opportunity & Anr v The Registrar of Corporate Affairs, the BVI Commercial Court had to consider whether it could avert what it referred to as the “potentially catastrophic” consequences of two companies having been mistakenly liquidated.

Marcia McFarlane, Christopher Pease,
Julie Engwirda, Jeremy Child

Where there's a will, there may be a life time trust!

In a recent decision of the English High Court (Clarke-Sullivan v Clarke-Sullivan), which will be of interest and relevance in Cayman and elsewhere, the court was tasked with construing a will (the Will) and its effect in circumstances where the deceased (the Deceased) was very sadly killed in an avalanche while skiing and the Will provided that the residuary estate was to go to a New Zealand discretionary trust (the Trust) which had subsequently been wound up.

Charles Moore, Henry Mander,
William Peake, Paula Kay,
Jessica Williams