September 21, 2019

Privy Council backs Cayman pari passu clawbacks in Weavering liquidation

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By Dominic Lawson From Global Restructuring Review The UK Privy Council has upheld recovery payments secured by liquidators of a Cayman Islands vehicle under the pari passu principle, marking the first successful clawback of shareholder redemption payments in the jurisdiction on the basis of preference. For more go to: https://globalrestructuringreview.com/article/1195669/privy-council-backs-cayman-pari-passu-clawbacks-in-weavering-liquidation Related story: The Cayman Islands […]

Cayman Islands Court provides valuable guidance on dealing with frozen assets under Libyan sanctions

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By Mirza Manraj and Nick Hoffman From Harneys In Palladyne International Asset Management B.V. v Upper Brook (A) Ltd and Others[1], the Grand Court of the Cayman Islands issued important judicial guidance regarding the extent to which the dealing restriction under the Libyan sanctions regime was applicable in the Cayman Islands. In particular, the court was […]

Cayman Islands: Court grants Mandatory Arbitration Stay in Winding Up proceedings

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By Nick Dunne, Andrew Gibsin abd Xia Li – Walkers From Mondaq In the recent case of In the matter of China CVS (Cayman Islands) Holding Corp., Kawaley J of the Grand Court of the Cayman Islands (the “Court“) provided some helpful clarity in determining the question of when the mandatory arbitration stay under Section 4 […]

Cayman Islands Court of Appeal successes for No5’s Philip Rule

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From Lawyer Firm Rule Case No. 27 of 2017 The Court (Presided over by the Rt Hon Sir John Goldring, President, the Hon Sir Richard Field and the Hon Dennis Morrison, Justices of Appeal) announced that it was allowing the appeal in Mr Rule’s first case, in which he was privately instructed for the appeal, not […]

Cayman Islands Court of Appeal – Receivers ‘sell’ away into the sunset!

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From Harneys In a recent decision of the Grand Court of the Cayman Islands in Sellten Polska SP. Z.O.O. v JSC Mezhdunarodniy Promyshlenniy Bank, the Honourable Justice Mangatal approved an application by the joint receivers of DB Marine, to sell a yacht known as DB9 for $US6 million. Sellten Polska SP. Z.O.O. (the “Appellant”) appealed […]

Cayman Islands Court result in burglar case – quote from Supt.

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From RCIPS As you know, we do not usually put out releases on court results, however, I wanted to just drop you a note regarding a good result in court yesterday in the case of John Schirn, the man who was arrested in the incident described in our press release below, in case you wish […]

Ocean Rig UDW says Schemes of Arrangement receives approval from Cayman Islands Court

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By Sonia Wilson from Fairmount Times Ocean Rig UDW (ORIG) said Monday that the Grand Court of the Cayman Islands has sanctioned the schemes of arrangements of the company and its subsidiaries, Drill Rigs Holdings Inc., Drillships Financing Holding Inc., and Drillships Ocean Ventures Inc. The company said the terms of the restructuring have been […]

Harneys announces two new litigation partners in Cayman Islands

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Harneys is pleased to announce Madeleine Heal and Nick Hoffman have joined its Cayman Islands litigation practice as partners effective 12 July 2017. The duo will bring a significant level of experience to the firm’s leading Cayman litigation practice, which continues to increase its capabilities and prominence. Madeleine Heal has over 20 years’ experience as […]

Offshore partner promotions [inc. Cayman Islands]

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By ANGELA BILBOW From CDR As part of their 2017 global partnership rounds, offshore law firms Maples and Calder and Conyers Dill & Pearman elect new partners in Hong Kong and the Cayman Islands, respectively.   Offshore law firms Maples and Calder and Conyers Dill & Pearman have invested in disputes talent among their 2017 […]

Restoration of the ‘Redemption Creditor’ in the Cayman Islands

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By Matthew Goucke and Chris Keefe From Walkers A recent judgment of the Cayman Islands Court of Appeal (‘CICA’) has provided a welcome degree of certainty for investors and insolvency practitioners alike with respect to the priority to be afforded to investors’ claims for unpaid redemption proceeds in the winding up of Cayman Islands investment […]