Snapshot — highlights from analysis of Cayman petition filings 2008–13
By Tony Heaver-Wren and Jeremy Walton
This Snapshot report sets out our analysis of petition filings in the Cayman Islands in 2013 against the backdrop of the prior five years and covers the following categories of petitions: winding up; conversion of voluntary liquidation to court-supervised liquidation; schemes of arrangement; and capital reduction.
There are a number of key findings from our analysis: there were more petition filings (across all categories) in 2013 than in each of the preceding two years; winding-up petition filings in 2013 were up 26 per cent when compared with 2012 and up 81 per cent compared with the 2011 filings; in 2013 there was also a 50 per cent increase, compared with 2012, in the number of petitions for conversion of voluntary liquidation to court-supervised liquidation based on insolvency grounds; taken together, winding-up petitions and petitions for conversion of voluntary liquidation to court-supervised liquidation increased by 33 per cent in 2013 when compared with 2012; schemes of arrangement picked up in 2013 as well, having reached their lowest point in the review period in 2012; and the number of share capital reduction petitions in 2013 was consistent with the annual number of these filings, across the period…
If you are registered and logged in to the site, click on the link below to read the rest of the Appleby briefing. If not, please register or sign in with your details below.
News from Appleby
News from The Lawyer
Briefings from Appleby
Financial institutions in Bermuda will soon be obliged to provide information to foreign tax authorities relating to the financial affairs of US and UK resident clients.
The offshore jurisdictions are thought to be secretive, with banking secrecy being an important part of what those jurisdictions offer to businesses and individuals who use them.
Analysis from The Lawyer
The past quarter has been busy for the offshore sector as firms have looked to capitalise on globalisation, while workflow has remained high
Business is booming in the Isle of Man, a small jurisdiction that thinks big