Snapshot: SPACs and private equity – new tools for investment and acquisition

Though special purpose acquisition companies (SPACs) are now enjoying enormous popularity, there is belief in certain quarters that their resurgence is fleeting.

Related briefings

Cayman Court provides clarity on costs

In a costs ruling delivered on 12 March 2021, the Honourable Justice Ramsay-Hale provided welcome clarity on the circumstances in which the Grand Court of the Cayman Islands will make a costs award on the indemnity basis. A successful party can expect to recover a higher proportion of its costs when an award is made on the indemnity basis (rather than the standard basis) since only costs that are unreasonably incurred or are of an unreasonable amount will be disallowed on taxation, and any doubts as to reasonableness are resolved in favour of the successful party.

Snapshot: arbitration in the British Virgin Islands for Asia-based parties

The BVI is an increasingly popular arbitral seat supported by a modern pro-arbitration legal framework, modern arbitration facilities, and a world-class arbitration institution of its own in the form of the BVI International Arbitration Centre (“BVIIAC”). The ready availability of BVI legal expertise for any such arbitration under the supervision of the well-respected BVI Courts provides added comfort for parties seeking a dispute resolution venue in a stable jurisdiction.

Avenues of redress for stakeholders in Cayman incorporated companies facing the excesses of majority shareholders and/or their appointed directors

Against the backdrop of differing economies, laws and regulations throughout Asia, choosing to incorporate Cayman entities into holding and investment structures allows international stakeholders to co-operate under the aegis of a stable and effective judicial system. Appeals from the Grand Court of the Cayman Islands lie with the Cayman Islands Court of Appeal, comprising judges who have held high judicial office in the Commonwealth. The Judicial Committee of the Privy Council is the final Appellate Court for the Cayman Islands. As such, through its Court system, Cayman is able to provide the investment community with impartial, established and highly regarded judicial resources dedicated to resolving complex commercial disputes.

The Cayman Islands Court of Appeal finds Norwich Pharmacal relief is available in aid of foreign proceedings

The Court of Appeal of the Cayman Islands (CICA) has found that the Cayman courts have jurisdiction to grant a Norwich Pharmacal Order (NPO) in support of potential proceedings before a foreign court, even where alternative statutory remedies may be available (in this instance, the provisions of the Evidence (Proceedings in Other Jurisdictions) (Cayman Islands) Order 1978 (the Evidence Order)).

Latest Briefings

New changes impacting the leasing legislation

Law no. 83/2021 amending and supplementing Government Ordinance no. 51/1997 on the leasing operations and the leasing companies was published on April 16, 2021 in the Official Gazette no. 401, Part I. Importantly, the provisions of Law no. 83/2021 may only be applied for leasing agreements concluded after its entry into force.

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