Regional news: Cayman Islands

Failure to notify floating charge holder does not void administration, English court rules

An English court has ruled that a failure to notify a floating charge holder of an administration does not invalidate the proceedings, after considering conflicting case law on the issue.

16 October 2020

AHAB and Saad settle multi-billion-dollar fraud claims

Saudi conglomerates Ahmad Hamad Al-Gosaibi & Brothers and Saad Group have settled billions of dollars’ worth of fraud claims against each other, following a decade-long dispute in the Cayman Islands.

13 October 2020

Altair Asia: Cayman court declines to follow Hong Kong ruling

In a rare example of judicial comity being sidelined in a cross-border insolvency, the Cayman Islands Grand Court has declined to follow an earlier ruling of the High Court of Hong Kong. Harneys partner Jessica Williams and associate Mark Burrows examine the case of Altair Asia.

13 October 2020

Kobre & Kim hires Walkers insolvency head in Hong Kong

Kobre & Kim has hired the head of Walkers’ insolvency and dispute resolution group in Hong Kong, a partner with credits in the Saad liquidation and the Winsway restructuring.

08 October 2020

Cayman bankruptcy and freezing orders recognised in Canada

An Alberta court has recognised Cayman Islands personal bankruptcy and freezing orders, rejecting arguments that granting the relief would be “an abuse of Canadian procedures” despite noting there were limited precedents.

24 September 2020

African Minerals Limited: using a scheme to unlock value for all creditors

Partner Richard Hornshaw and counsel Tom Laidler from Akin Gump Strauss Hauer & Feld’s London litigation team discuss how a Cayman litigation trust and an English scheme were used to get around creditor differences on pursuing significant litigation, in the context of the administration of an iron ore miner in Sierra Leone.

22 September 2020

Hong Kong court urges consistency in recognition requests

A Hong Kong court has recognised the Bermudian “soft-touch” provisional liquidations of a metals company and a commodities trader, but has asked for consistency from foreign officeholders and courts seeking assistance.

08 September 2020

Cayman court approves landmark cross-border communications protocol

A Cayman Islands court has approved a cross-border communications protocol for the first time, agreeing a process for working with courts in New York, Chile and Colombia on Chilean airline LATAM’s restructuring.

27 August 2020

Campbells hires new managing partner in Hong Kong

Offshore law firm Campbells has hired Shaun Folpp from Mourant to take over the management of its Hong Kong office.

21 August 2020

Cayman court curtails freezing order against China’s answer to Starbucks

A Cayman court has declined to extend a worldwide freezing order against China’s Luckin Coffee chain, which entered provisional liquidation in July after confirming it misstated its 2019 accounts.

13 August 2020

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