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…
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