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Offshore Litigation Blog

Newspaper rolled up as a megaphone

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Cayman Islands Court considers when a secured creditor can sue debtor company in liquidation
In the recent decision of Re Adenium Energy Capital, Ltd. (In Official Liquidation), the Grand Court of the Cayman Islands considered the circumstances in which its permission was required for the pursuit of legal proceedings against a company in liquidation.
Riding the waves of recognition
Two recent Hong Kong liquidation cases applied for recognition and assistance in Mainland China under the Mutual Recognition and Assistance related to Insolvency Proceedings between the Courts of the People’s Republic of China and the Hong Kong SAR (the Cooperation Mechanism). Harneys reported on the unveiling of the Cooperation Mechanism on 14 May 2021.
Schemes of arrangement - a real (estate) restructuring tool for financially distressed BVI companies
A scheme of arrangement is a statutory tool available to BVI companies, which, if sanctioned by the Court, enables the implementation of a debt restructuring plan that has been approved by the prescribed percentage of creditors. As many Chinese real estate companies look to restructure, RongXingDa Development (BVI) Limited, a member of the RiseSun Real Estate Development Co. Ltd group, recently obtained sanction from the Court for a scheme of arrangement and avoided liquidation.
AHAB v Saad – Judgment delivered on AHAB’s appeal
The Cayman Islands Court of Appeal (CICA) has handed down its long-awaited judgment in the landmark case of AHAB v SICL & Others. In the latest chapter of the Saad story, the CICA overwhelmingly endorsed the Chief Justice’s Grand Court decision to dismiss AHAB’s claims, finding in favour of the Defendants / Respondents on the majority of the key issues, in particular the issues of knowledge and authority on the part of the plaintiffs of what was described at first instance as a “cauldron of a fraud”. Harneys acts for the Joint Official Liquidators of SIFCo5.
Rule in Gibbs applied: Recognition of Singapore moratoria denied in Scotland
In the recent Scottish case of Chang Chin Fen v Cosco Shipping (Qidong) Offshore Ltd, the Outer House of the Court of Session refused petitions brought by debtor companies under the Cross-Border Insolvency Regulations, 2006 to, amongst other things, recognise moratoria obtained in the Singapore High Court on the basis that to do so would prejudice the rights of a creditor to claim under its English-law governed debt, which stood outside the proposed Singapore schemes.
Recognition of foreign “light touch” provisional liquidations affirmed once again by the Hong Kong Court
The recent judgment of Mr Justice Harris in In Re China Oil Gangran Energy Group Holdings Limited (In Provisional Liquidation) recognising the appointment of “light touch” provisional liquidators in the Cayman Islands, is the latest in the growing body of Hong Kong jurisprudence confirming the willingness of the Hong Kong Court to recognise the appointment of foreign provisional liquidators for restructuring purposes, despite the fact that Hong Kong has no legislation that provides for such a restructuring.
Cayman Islands – insolvency and segregated portfolios – Grand Court gives new guidance
In the recent Grand Court case of Re Obelisk Global Fund SPC, Justice Parker has considered, for the first time, the correct insolvency test to be applied for the court appointment of a receiver over a segregated portfolio.
Cayman Islands: Opposing the Appointment of Liquidators for Alleged Lack of Independence
Cayman Court appointed liquidators are officers of the court; they must be professional insolvency practitioners; and they must act independently in the best interests of those with the economic interest in the liquidation (being the shareholders in a solvent liquidation and the creditors in an insolvent liquidation).
Protecting Cayman Islands Companies at Risk: Provisional Liquidation
The appointment of provisional liquidators over a company is a powerful weapon in the armoury of the Cayman Islands Courts to protect a company at risk. If appointed, professional insolvency practitioners will take control of the company pending the hearing of a petition to wind up the company. But it is a weapon that may have serious adverse consequences for a company, both as to its commercial operations and business reputation. For this reason, the requirements for, and the circumstances in which, such an appointment may be made are closely circumscribed by the Cayman legislation and case law.
Re ICGI - the high bar for the appointment of provisional liquidators
In a recent decision of the Grand Court of the Cayman Islands (Re ICG I), Justice Doyle dismissed an application by a contributory for the appointment of joint provisional liquidators (JPLs) pursuant to section 104(2) of the Companies Act.
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