June 21, 2021

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 […]

US: Second Circuit affirms Dismissal of Chapter 15 Appeal by purported shareholder on Standing Grounds

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From JD Supra In a March 19, 2019 summary order, the U.S. Court of Appeals for the Second Circuit affirmed the district court’s dismissal of a purported shareholder’s appeal challenging the chapter 15 recognition of a Cayman Islands restructuring of an offshore drilling contractor. See In re Ocean Rig UDW Inc., No. 18-1374, 2019 WL 1276205 […]

Cayman Islands: Weavering and the preferred custodian

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Article by Aristos Galatopoulos Maples and Calder Plenty of ink has been spilled following the ruling of the Cayman Islands Court of Appeal on 18 November 2016 in the Weavering preference case SEB v Conway and Walker. The case is of obvious interest to insolvency experts, but it is also of wider relevance, highlighting the […]