Regional news: Cayman Islands

An eight-day trial is under way in London to decide whether a Cayman fund can bring a claim against Cuba for payment of an almost 40-year-old sovereign debt governed by English law and denominated in now-defunct German Deutschmarks.

25 January 2023

Distressed Chinese property developer China Fortune Land Development has secured court-approval of its English scheme after making last minute changes following the UK’s introduction of sanctions banning the provision of trust services to Russian persons or entities.

23 January 2023

Struggling Chinese property developer China Fortune Land Development has been forced to amend its English scheme after the UK announced new sanctions that prohibit the provision of trust services to Russian persons or entities.

09 January 2023

Charles Russell Speechlys is seeking recognition of its appointment as liquidator of Bahraini investment bank Awal in the Cayman Islands and England, one month after a Bahraini court ordered the bank’s liquidation following a decade-long administration.

13 December 2022

Cayman Islands-incorporated real estate developer Sunac China Holdings has outlined preliminary plans to convert US$3 billion to US$4 billion of its offshore debt into shares or equity-linked instruments, in a restructuring that will be implemented by Hong Kong or Cayman schemes.

12 December 2022

The joint provisional liquidators of a Cayman-registered, mainland China-based umbilical cord blood storage group have been denied US recognition, after a New York bankruptcy court found that they had been appointed to investigate the company and protect its assets – not for the purpose of reorganisation or liquidation.

08 December 2022

The British Virgin Islands joint liquidators of cryptocurrency hedge fund Three Arrows Capital have sought recognition of their appointments in the Cayman Islands, as a Singapore court ratified a protocol that lays out guidelines for cooperation between the BVI, Singapore and US courts overseeing the fund’s insolvency proceedings.

24 November 2022

Chinese real estate services provider E-House has obtained Chapter 15 recognition of its Cayman scheme of arrangement, six days after the scheme was sanctioned in the Grand Court.

17 November 2022

Walkers has secured the first ever appointment of restructuring officers in the Cayman Islands under the offshore jurisdiction’s new regime.

14 November 2022

Chinese real estate services provider E-House has obtained court sanction of a Cayman scheme restructuring US$600 million in notes, a week after it secured creditor approval.

10 November 2022