Regional news: Cayman Islands

The first restructuring plan under the new Cayman restructuring officer regime

Walkers’ partners Rupert Bell and Niall Hanna run through the very first use of the new Cayman restructuring officer regime in conjunction with foreign proceedings, in the case of Rockley Photonics Holdings.

26 May 2023

BFAM fund seeks novel turnover order against scandal-hit Chinese group

A hedge fund that holds offshore notes issued by a Chinese beverage group has stepped up its efforts to enforce a US$114 million judgment it obtained in New York last year, marking the latest in a series of recovery actions it has brought against defaulting Chinese companies over the last 18 months.

19 May 2023

Dubai-headquartered tech company faces liquidation in Cayman

Chicago-based investment bank Loop Capital Markets is seeking to wind up a Dubai-headquartered electrical vehicle company it says has failed to pay fees racked up when it completed a SPAC process last year.

12 May 2023

Sidley and Conyers called on again as Chinese property group files Cayman scheme

Another struggling Chinese real estate group listed in Hong Kong has secured permission to convene a meeting for creditors to vote on a Cayman scheme to restructure its offshore debt.

02 May 2023

Cayman SPC liquidators plan recognition actions in Malaysia and UK

The Hong Kong and Cayman-based voluntary liquidators of a cash-strapped segregated portfolio company have asked a Cayman court to supervise its liquidation and allow them to seek recognition in Malaysia and the UK.

01 May 2023

Appleby and Sidley secure “key precedent” in Cayman winding up dispute

In a first-of-its-kind decision, a Cayman court has dismissed a winding up petition brought against a Chinese real estate developer by an ultimate beneficial holder of its New York law-governed notes, which it said had failed to obtain the authorisation required under the notes’ indenture.

28 April 2023

III-UNCITRAL, New York: “seeking perfection is a fantasy”

On the fifth anniversary of the UNCITRAL Model Law on Recognition and Enforcement of Insolvency-Related Judgments, lawyers, judges and academics from around the world discussed gaps that can be plugged by the new law and whether the UK will ever override the “questionable and outdated” Gibbs rule.

26 April 2023

Middle Eastern healthcare group facing Cayman winding up

Dentons is advising Dubai-based private equity firm Regulus Capital as it seeks to wind up Middle Eastern healthcare services provider Avivo Group in the Cayman Islands.

20 April 2023

Another creditor group forming for Evergrande restructuring

White & Case is forming a group of offshore debt holders affected by Chinese real estate giant Evergrande’s recently announced restructuring proposal, with plans to hold a conference call later this week.

10 April 2023

Singapore court denies recognition of solvent liquidation

The Cayman liquidators of a health and beauty products and software group have been denied recognition under the UNCITRAL Model Law in Singapore, on the grounds that the group is “hopelessly and irretrievably solvent”.

05 April 2023

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