Bringing claims against Cayman Islands entities subject to insolvency processes

Rumours that a company is in the zone of insolvency may create a race to the assets, with potential creditors or interested parties commencing proceedings in an attempt to secure payment from the company before its assets are fully dissipated or tied up in the insolvency process. This can destroy the collective value in the enterprise or scupper a restructuring and result in significant duplicative costs.

Related briefings

EU-US Privacy Shield for data transfers ruled as invalid

The Office of the Data Protection Authority in Guernsey (ODPA) has warned companies in the Bailiwick to be aware of the recent Court of Justice of the European Union (CJEU) judgment which affects all businesses who transfer personal data outside of the Bailiwick and the European Union (EU).

The tale of three funds

This article explores the collapse of three funds across three different jurisdictions and then sets out some of the lessons to be learnt by directors and fund managers.

Guernsey injunctions in aid of foreign proceedings

Where a potential judgment debtor in “onshore” proceedings threatens to dissipate its assets, the plaintiff may face a Pyrrhic victory with no assets against which to enforce its judgment. Where the defendant is a Guernsey company or has assets in Guernsey, the Royal Court of Guernsey has a statutory jurisdiction to grant an injunction in aid of those foreign proceedings including freezing injunctions to prevent defendants dealing with the relevant assets in Guernsey.

Latest Briefings

Recognition and Assistance for PRC Insolvency in Hong Kong

Synopsis A recent case in Hong Kong, has demonstrated both the ability and willingness of common law courts to recognise insolvency appointments made by the courts of the People’s Republic of China (‘PRC’), and to grant appropriate assistance at common law. It is to be hoped that this proven track record will pave the way for easier recognition of common law court appointed liquidators in PRC, where, unlike in common law countries, such recognition is subject to the principle of reciprocity.

New LCIA Arbitration Rules: In force on 1 October 2020

The London Court of International Arbitration (LCIA) recently released its updated arbitration rules (the “2020 Rules”) which will come into force from 1 October 2020 and will apply to any arbitration commenced under the auspices of the LCIA on or after this date. The 2020 Rules, in the LCIA’s own words, aim to make the arbitral processes “even more streamlined and clear” for arbitrators and parties alike. We summarise nine key changes and one omission.

High Court decision on business interruption claims for Covid related losses

The High Court has now handed down judgment in the eagerly awaited test case brought by the Financial Conduct Authority (‘FCA’) against 8 insurers to determine whether policyholders can make business interruption (BI) claims for losses arising from disruption and closure of their businesses caused by Covid-19.

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social media

Facebook drafts in Latham and Brick Court for GIPHY legal challenge

Latham & Watkins is fighting Facebook’s corner in the Competition Appeal Tribunal (CAT) as the social media giant gears up to take on the UK regulator. Facebook has launched a high-profile legal challenge after the Competition and Markets Authority (CMA) opened an investigation into its acquisition of gif search engine GIPHY. With the assistance of […]

The magic circle is dividing into East and West – place your bets

The dynamics of the magic circle shift according to what parameters are applied. It can be pay, where Freshfields and Linklaters have slugged it out for top PEP; or private equity market share, where Freshfields and Clifford Chance have maintained a top-grade client base; or attitude to jurisdictional expansion, where Clifford Chance and A&O have […]

DWF Manchester

DWF makes flexible resourcing arm managers redundant as unit closes

The managers of DWF’s flexible resourcing business have been made redundant following the listed firm’s decision to cease the unit’s operations early this summer. Three people who oversaw the now-shut unit have been made redundant or are in the process of leaving the firm. It is understood one may yet stay within the company, while two […]

Qatar, Doha

Squires set to close office in Qatar

Squire Patton Boggs is to close its office in Doha, with its team set to be joining a rival US firm. The Lawyer understands that Crowell & Moring is to bring over the whole of the Doha office of nine lawyers. Crowell declined to comment. Squire Patton Boggs’ Doha office is headed by managing partner […]

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