The availability of these interim remedies is particularly relevant to creditors and contributories of large publicly listed companies, which use Cayman Islands companies as their listing vehicles. More than 50% of companies listed on the Hong Kong Stock Exchange are incorporated in the Cayman Islands. Cayman Islands entities are also commonly used by groups operating in Mainland China and listed on an exchange in the United States. In formulating litigation strategies to target or defend these listed companies, it is essential to accurately assess whether the evidence in a particular case would justify the imposition of the drastic measures that are available in the Cayman Islands.
By reference to two recent decisions of the Grand court, Conyers discusses the current position in the Cayman Islands in more detail.
Conyers acted for Sky Solar in successfully lifting the ex parte injunction and discharging the receivers. Conyers has acted on both sides of numerous other injunction applications in support of both foreign and domestic proceedings (see another recent example in Linden Capital LP et al v. Luckin Coffee, Inc,).
Conyers also acted for the petitioner in successfully appointing provisional liquidators to Pacific Institutes Holding Company Limited. Conyers regularly acts for creditors and contributories seeking interim relief in advance of a full petition hearing.
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This article was originally published in Commercial Dispute Resolution Magazine.