Practising modified universalism in the Cayman Islands: from China Agrotech to Sun Cheong

The Cayman Islands and Hong Kong courts have both provided useful directions in recent months as to the manner in which the courts in the respective jurisdictions will manage cross-border applications to restructure Cayman Islands companies, consistent with the principles of international comity and modified universalism.

Related briefings

Will 2021 be the year of special purpose acquisition companies (SPACs) in Luxembourg?

While SPACs have existed for decades on public markets, a revival seems to be taking place, with SPACs representing about 60 percent of IPOs in the US in 2020. February 2021 saw the launch of the first Luxembourg SPAC in more than 10 years, highlighting the potential for Luxembourg to become the European hub for this type of funding structure. The jurisdiction not only offers a flexible and tax efficient legal framework but also the ability to rely on the European passport mechanism set forth in the Prospectus Regulation.

Using provisional liquidation offshore to preserve bondholder claims under keepwell deeds

Offshore companies are frequently used to facilitate debt finance transactions for large PRC based corporate groups. In the context of a bond issue, the corporate group will often incorporate an offshore subsidiary for the sole purpose of acting as the bond issuer. Bondholders, naturally, expect some form of credit protection, which the offshore subsidiary cannot […]

Latest Briefings

Romanian draft law on 5G technology under strong criticism from both public authorities and private stakeholders

The Draft law on the adoption of certain measures concerning informatic and communications infrastructures of national interest and the conditions for deployment of 5G networks initiated by the former Ministry of Transportation, Infrastructure and Communications has undergone a new series of examinations from the relevant public authorities as part of the legislative procedure.

Insurance Bulletin Spring 2021

Although the full impact of Covid-19 on the re/insurance industry remains unclear, the need to retain capital to meet potential losses has contributed to a general hardening of the market after 15 years of soft market conditions characterised by excess capacity, low prices and more relaxed policy terms.

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London skyline

Addleshaws not looking to downsize in HQ hunt

Addleshaw Goddard has become the latest firm to scope out its London HQ options, though is not expecting to cut its space requirements despite the rise in remote working. The firm has appointed JLL as agents to scope out a new building, with its current lease expiring in September 2024. It moved to its Milton […]

Arthur Cox hires Kirkland finance partner

Kirkland & Ellis has lost another City finance partner, as one of its regulatory specialists moves to Irish firm Arthur Cox. Sarah Thompson, who was formerly a partner in Kirkland’s financial services regulatory group, joins the firm in Dublin. She arrived at Kirkland as a partner in 2018 from Linklaters’ financial regulation group, where she […]

Shearman’s race to $1bn hampered as revenue falls

Shearman & Sterling saw profits per equity partner fall more than 20 per cent in the last financial year, wrapping an eventful last few months for its EMEA arm. Profits per equity partner decreased from $2.5m to $1.9m. Meanwhile, revenue per lawyer dipped to $1m. The firm’s global revenue took on a similar downward trend, dropping […]

High Court

Details emerge in Barclays claim from former GC

Today’s high-profile PCP judgment revealed further details about a claim being filed by Barclays’ former general counsel, who is seeking “substantial damages” for breach of contract and duty. According to the judgment in the case of PCP Capital v Barclays, Barclays is facing allegations of breach of contract and duty from former GC Judith Shepherd, […]

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