January 2025 | Articles
Light Touch Provisional Liquidation Lives On: Cayman Court Offers Clarification After Introduction of the Restructuring Officer Regime
Conyers offers you highly expert lawyers well versed in insolvency matters, providing practical solutions with a flexible, creative approach that best meets your particular requirements. We respond immediately to the high-pressure, time-critical situations surrounding insolvency.
Your dedicated Conyers Insolvency team has extensive experience in highly complex cross-border insolvencies. Our understanding of commercial drivers and unique industry complexities results in the most efficient strategy, whether that is a tried-and-tested approach or an innovative solution for a special situation.
We advise around the clock, offering a seamless service via our integrated teams in Bermuda, the BVI, Cayman Islands, Hong Kong, London and Singapore. Our knowledge of local law and know how is put to the best use in devising solutions to multijurisdictional insolvencies, no matter how complex.
Our Services
We provide a full suite of transaction and advisory services including:
- Debtor-in-possession (DIP) financing and distressed financing
- Solvent and insolvent schemes of arrangement
- Merger and amalgamations of companies
- Continuance and discontinuance of companies
- Winding-up, insolvency and bankruptcy proceedings
- Receiverships
- Corporate reorganisations
- Recognition and assistance proceedings (including under Chapter 15 of the U.S. Bankruptcy Code, section 426 of the UK’s Insolvency Act 1986, the UK’s Cross-Border Insolvency Regulations 2006 and at common law)
- Voluntary, compulsory and official liquidations
- D&O liabilities & indemnities and D&O insurance advice
- Capital reductions
Highlight Cases
- Acting for a number of creditors in the Northstar PBLA Omnia Liquidation, representing approximately US$75 million in debt owed by segregated accounts operated by Northstar Financial Limited.
- Acting for Swissquote, a creditor of Phoenix Commodities PVT, a major early failure in the post Covid-19 environment with creditors in excess of $1.1 billion in value.
- Lead counsel with principal coordination role in Net International Property Limited v. Adv Eitan Erez, the first and only decision by the BVI appellant court to comprehensively examine the distinction between the common law power of both recognition and assistance, and the extent to which the British Virgin Islands (BVI) Insolvency Act has – or crucially has not – eroded either power.
- Acting for the petitioner and the joint official liquidators of a company on a restructuring of US$2.2 billion of creditor’s claims, involving Cayman Islands, Hong Kong, People’s Republic of China and Mongolia.
A Summary of the New Restructuring Officer Regime
Later this year, amendments to Part V of the Cayman Islands Companies Act (the “Companies Act”) will be introduced to commence a new restructuring officer regime available to companies in financial difficulty. Under the new regime, it will be possible […]
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