Regional news: Cayman Islands

Luckin Coffee launches Cayman scheme, settles US class action

China’s Luckin Coffee has filed a scheme of arrangement petition in the Cayman Islands to implement a restructuring support agreement it reached with senior noteholders earlier in the year, and has also settled a US class action.

22 September 2021

Cayman letter of request seeks help with admitted fraud

The Grand Court of the Cayman Islands has asked a counterpart in Hong Kong to recognise a pair of “full power” joint provisional liquidators from R&H Restructuring, as they investigate a fraud admitted by a Chinese car parts trader’s CEO.

20 September 2021

Cayman fund wound up as receivers target affiliate’s Hong Kong shares

A Cayman court has issued a winding up order against a locally-incorporated investment fund, days after appointing receivers over some of its affiliate’s Hong Kong-listed shares.

17 September 2021

Streamlined proving process approved in Cayman

The Cayman liquidators of a local insurance company have secured court approval of an alternative adjudication process for debt claims, removing the need for thousands of policyholders to lodge separate proofs.

16 September 2021

Cryptocurrencies in liquidation: perspectives from Cayman and the BVI

Collas Crill partner Jennifer Colegate in the Cayman  Islands,  with  partner David Harby and  senior associate Daisy Bovingdon in the British Virgin Islands, consider how cryptocurrencies as a form of cryptoassets, rather than virtual assets generally, are characterised as a matter of law, and discuss the practical issues that liquidators are likely to face when seeking to realise these assets for the benefit of creditors.

16 September 2021

China’s Evergrande brings in advisers amid default risk

Chinese property developer Evergrande Group has hired Houlihan Lokey and Admiralty Harbour Capital to help with liquidity issues that could lead to a default on its US$300 billion debt pile.

14 September 2021

English Court of Appeal issues new guidance on third party costs orders

Harneys’ counsel Grainne King and partners Julie Engwirda, Vicky Lord and Jonathan Addo discuss a recent ruling in the English Court of Appeal, which set out guidelines to establish when it is appropriate to impose personal liability on directors or shareholders of insolvent companies for costs incurred in unsuccessful litigation.

14 September 2021

AHAB secures historic restructuring settlement

Saudi Arabia’s new bankruptcy law has been praised after Ahmad Hamad Algosaibi & Brothers (AHAB) finally reached a US$7.5 billion settlement with creditors following 12 years of legal disputes around the world.

09 September 2021

Kuwait social security institution secures FTI appointment over Adamas entity

A Kuwaiti public institution has persuaded a Cayman court not to appoint Deloitte partners as liquidators of a Hong Kong-based fund, and to instead appoint members of FTI Consulting who are already investigating some of its affiliates.

27 August 2021

FFP liquidators survive challenge as Cayman court upholds three-step rule

A pair of FFP partners who had a “prior and very limited” connection to a bank may act as its official liquidators, a Cayman court has found, in a detailed judgment upholding a three-stage approach for dealing with objections on perceived lack of independence grounds.

23 August 2021

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