New court rules governing arbitration proceedings in the Cayman Islands
Court rules governing arbitration proceedings in the Cayman Islands have been wholly revised by virtue of the Grand Court (Amendment No.1) Rules 2013 which take effect from 1 July 2013.
Until July 2012, the law governing arbitrations in the Cayman Islands did not meet modern international standards and was used primarily for resolving domestic disputes. The new Arbitration Law, which came into force on 2 July 2012, completely overhauled the arbitration regime and has brought it into line with the current UNCITRAL model law.
The Cayman Islands Grand Court Rules Committee has now approved a wholly revised suite of procedural rules (Order 73), together with necessary amendments to existing rules for financial services proceedings (Order 72) and service of process out of the jurisdiction (Order 11), which will provide legal practitioners with a comprehensive procedural code for arbitration-related court applications and applications to enforce arbitral awards…
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