News & Analysis as of

Insolvency Companies Act

Conyers

From Dissolution to Liquidation: Creditor-Led Restoration of Dissolved BVI Companies

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Restoration applications are nothing new in the BVI. With hundreds of thousands of active companies and many more struck off due to administrative oversight, BVI legal practitioners frequently find themselves advising clients...more

Hogan Lovells

Out of the money, but not down and out: UK Court of Appeal overturns Petrofac restructuring plans

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On 1 July 2025, the Court of Appeal handed down its judgment overturning the twin restructuring plans proposed by Petrofac Limited and Petrofac International (UAE) LLC under Part 26A of the Companies Act 2006 (the plans)....more

Latham & Watkins LLP

Redressing the Balance of Power in Restructuring Plans Petrofac in the Court of Appeal

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The Court of Appeal has reversed the sanction of the Petrofac group’s restructuring plans and allowed the appeal of two dissenting unsecured creditors.Re Petrofac Limited and Petrofac International (UAE) LLC [2025] EWCA Civ...more

Mayer Brown

UK Supreme Court Confirms Broad Scope of Fraudulent Trading Provision Under S.213 Insolvency Act 1986

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On 7 May 2025, the UK Supreme Court handed down its judgment in Bilta (UK) Ltd (in liquidation) and others v Tradition Financial Services Ltd [2025] UKSC 18. The judgment primarily concerned the scope of s.213 Insolvency Act...more

Walkers

Grand Court clarifies requirements for leave to proceed with a counterclaim against a company in official liquidation

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The Grand Court has clarified that, where a company in official liquidation commences proceedings claiming that it holds certain rights, in order for the defendant to proceed with a counterclaim asserting that it is the true...more

Conyers

Light Touch Provisional Liquidation Lives On: Cayman Court Offers Clarification After Introduction of the Restructuring Officer...

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On August 31, 2022, Part V of the Cayman Islands Companies Act (the “Companies Act”) was amended to introduce the new role of a court-appointed “Restructuring Officer” and a dedicated “Restructuring Petition” (the “RO...more

Conyers

Segregated Portfolio Companies

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Cayman Islands law permits the registration of segregated portfolio companies (“SPC”). An SPC is a single company which segregates its assets and liabilities amongst various “portfolios”. Benefits in adopting the SPC...more

Conyers

All Good Things Must Come to an End: The Cayman Islands Court of Appeal Provides Helpful Guidance on Dissolution Orders

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Frequently obtained, but rarely challenged, dissolution orders are an important final step in the process of liquidation. Dissolution represents the end of an official liquidation and the end of a company’s life. In a...more

Conyers

Restructuring in the Cayman Islands: The New Regime

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On August 31, 2022, significant amendments to Part V of the Cayman Islands Companies Act (“Act”) took effect to revamp the Cayman Islands restructuring regime. These amendments introduced the new role of a court-appointed...more

Conyers

Cayman Islands Non-Petition Clauses: Precision Is Paramount

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In a very recent judgment in the wake of the Abraaj Group fallout, the Grand Court of the Cayman Islands refused to strike out a just and equitable winding up petition and, in the process, analysed the effect of a purported...more

Walkers

Cayman Islands Schemes of Arrangement now available for Exempted Limited Partnerships using the Restructuring Officer Regime

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A Cayman Islands scheme of arrangement is a court approved compromise or arrangement between a company and its creditors or shareholders (or classes thereof). A scheme of arrangement is frequently used to implement a...more

Conyers

Receivership Order for Cayman Islands Segregated Portfolio Fund Secured in 3 Months

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Feb 2024 On 12 January 2024, the Honourable Mr Justice Kawaley granted an order for the appointment of receivers pursuant to Section 224 of the Companies Act (2023 Revision) (the “Act”), over the Premier Life Settlement Fund...more

Conyers

Winding-Up Order Obtained Against Cayman Islands Fund Investment Manager Within 3 Months

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The Honourable Mr Justice Kawaley granted a winding up order against Airstream Investment Ltd (the “Company”), an exempted company incorporated under the laws of the Cayman Islands. Conyers acted for the successful...more

Conyers

Cayman Islands Litigation: Reflecting on the Year 2023

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As the Grand Court of the Cayman Islands reopens for 2024, we reflect on 2023 and some of the large-scale cross-border insolvency and restructuring proceedings, and complex commercial disputes dealt with in the jurisdiction...more

A&O Shearman

The Adler appeal: our key takeaways

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The Adler appeal: Our key takeaways from the landmark Court of Appeal judgment setting aside the Adler restructuring plan, and what it means for future restructuring plans - The Court of Appeal has handed down its...more

Conyers

Frozen Crypto Assets and a Dissolved Company: The EC Court of Appeal’s Application of Convoy Collateral

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In its seminal decision in Broad Idea International v Convoy Collateral [2021] UKPC 24 (“Convoy”), a case which had its genesis in the BVI Commercial Court, the Privy Council delivered a ground-breaking exposition of the law...more

Conyers

Cayman Court Exercises Inherent Jurisdiction to Restore a De-Registered Company

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In a recent judgment Re Cradle Holdings Inc. (FSD 318 of 2022, unreported, 4 September 2023), the Chief Justice of the Cayman Islands ruled on the novel issue as to whether and by what route a company which has been...more

Conyers

Trina Solar: A Warning Regarding Reliance on Merger Price and Deficient Disclosure in s238 Proceedings

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The successful appeal by dissenting shareholders in Trina Solar provides key insights into the importance of establishing a robust merger process, the company’s burden to make all relevant information available in appraisal...more

Conyers

Orienteering Change: Navigating Restructuring Under the New Cayman Islands Regime

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After a substantial industry consultation process, the Cayman Islands introduced the concept of Court-appointed restructuring officers into Part V of the Cayman Islands Companies Act (the “Companies Act”) with effect from 31...more

Conyers

Important Takeaways for Bondholders: Do They Have Rights as Contingent Creditors?

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The Cayman Islands Grand Court recently delivered its judgment in Re Shinsun Holdings (Group) Co., Ltd. FSD 192 of 2022 (DDJ) (21 April 2023) (unreported) (the “Shinsun Judgment”) in which the court determined the ultimate...more

Conyers

Overview of the New Cayman Islands Restructuring Officer Regime

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The Cayman Islands has always been known for a few things other than its white sandy beaches. It has awell-earned reputation as a global financial hub. Many global businesses restructure through the Cayman Islands due to its...more

Conyers

Schemes of Arrangement: Restructuring in the Cayman Islands

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These continue to be challenging times and we recognize that the need for cross-border advice on insolvency and restructuring matters may be required at short notice. Conyers’ attorneys are insolvency and restructuring...more

Walkers

Learning from Mistakes: Imposing Constructive Trusts over Mistaken Payments

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Synopsis In the recent judgment of Re Premier Assurance Group SPC Ltd. (in Official Liquidation) (unreported, Smellie C.J., Cause No. FSD 264 of 2020 (ASCJ), 7 April 2022), the Grand Court of the Cayman Islands sanctioned a...more

Conyers

Cayman Islands Restructuring: Getting Oriented With the New Regime – Part II

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On 11 November 2022, Mr Justice Kawaley ordered the first appointment of restructuring officers in Re Oriente Group Limited (FSD 231 of 2022) under the new Cayman Islands restructuring regime, with reserved written reasons to...more

Walkers

Tales from the Oriente: the first appointment of restructuring officers in the Cayman Islands

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The Company is the parent company of a group (the "Group") which operates a leading financial technology platform providing alternative sources of credit to traditional retail banks for the unbanked and underbanked population...more

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