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2 months ago | 
mondaq.com | Erik Bodden |Norman Hau |Alecia Johns |Jordan McErlean
On August 31, 2022, Part V of the Cayman IslandsCompanies Act (the "Companies Act") was amended tointroduce the new role of a court-appointed "RestructuringOfficer" and a dedicated "Restructuring Petition"(the "RO Regime"). The RO Regime was largely intended toreplace the pre-existing restructuring framework by way of'light touch' provisional liquidation (the "PLRegime"). The pre-existing PL Regime for restructuring wasreplaced with a broad and flexible discretionary test.
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Jan 9, 2025 | 
jdsupra.com | Alecia Johns
With the rising popularity of alternative dispute resolution globally (including in insolvency related cases), it is important to take stock of where the Cayman Islands currently stands (as a leading jurisdiction in cross-border insolvency and restructuring) on the use of mediation in this context.
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May 15, 2024 | 
jdsupra.com | Alecia Johns |Jonathon Milne
We have published a series of articles dealing with directors’ duties in the zone of insolvency. In previous briefings, we have written about the high-profile UK Supreme Court ruling in Sequana (link here) and the New Zealand Supreme Court decision in Mainzeal (link here). This latest instalment focuses on the Singapore Court of Appeal judgment in Foo Kian Beng v OP3 International Pte Ltd (in liquidation) [2024] SGCA 10 (“OP3 International”).
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Apr 26, 2024 | 
mondaq.com | Jonathon Milne |Alecia Johns
These cases provide authoritative guidance in relation to what
has been referred to as the "Creditor Duty". It is trite
that directors are required to act in the best interests of the
company they serve. This is an irreducible fiduciary duty and is at
the core of the director role.
However, it is acknowledged in these authorities that it is the
interests of the creditors, as opposed to shareholders, that will
come to the fore when the company is insolvent because "...
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Nov 6, 2023 | 
jdsupra.com | Richard Evans |Alecia Johns
On 24-25 October 2023, Justice Wallbank of the BVI Commercial Court presided over a valuation trial in the matter of Soemarli Lie v Ng Min Hong & Success Overseas Finance Limited BVIHC(Com) 2020/147 (the “Valuation Trial”).
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Nov 3, 2023 | 
mondaq.com | Richard Evans |Alecia Johns
On 24-25 October 2023, Justice Wallbank of the BVI Commercial
Court presided over a valuation trial in the matter of Soemarli
Lie v Ng Min Hong & Success Overseas Finance Limited
BVIHC(Com) 2020/147 (the "Valuation Trial").
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Aug 17, 2023 | 
jdsupra.com | Alecia Johns |Jonathon Milne
On 8 March 2023, the Grand Court of the Cayman Islands appointed Joint Provisional Liquidators (“JPLs”) over Atom Holdings (the “Company”), a Cayman incorporated holding company for the Atom Group, which operated a cryptocurrency exchange via an online platform known as AAX (Atom Asset Exchange). According to an AAX August 2022 press release, AAX had a spot trading volume of USD$57.2 million in July 2022 and boasted over 3 million users in over 160 countries.
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Aug 7, 2023 | 
jdsupra.com | Alecia Johns |Róisín Liddy-Murphy
August 7, 2023 To embed, copy and paste the code into your website or blog: Following Russia’s invasion of Ukraine in February 2022, the UK government imposed hundreds of new designations under the Russian and Belarus sanctions regimes (which were extended to the Cayman Islands and other British Overseas Territories).1 The impact of these new designations on ongoing litigation in the Cayman Islands and elsewhere was immediately felt.2 While it was largely clear that the sanctions regime did...
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Jun 20, 2023 | 
mondaq.com | Jonathon Milne |Alecia Johns
On 8 March 2023, the Grand Court of the Cayman Islands
appointed Joint Provisional Liquidators ("JPLs") over
Atom Holdings (the "Company"), a Cayman incorporated
holding company for the Atom Group, which operated a cryptocurrency
exchange via an online platform known as AAX (Atom Asset
Exchange).
According to an AAX August 2022 press release, AAX had a spot
trading volume of USD$57.2 million in July 2022 and boasted over 3
million users in over 160 countries.
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Jun 17, 2023 | 
lexology.com | Jonathon Milne |Alecia Johns
On 8 March 2023, the Grand Court of the Cayman Islands appointed Joint Provisional Liquidators (“JPLs”) over Atom Holdings (the “Company”), a Cayman incorporated holding company for the Atom Group, which operated a cryptocurrency exchange via an online platform known as AAX (Atom Asset Exchange). According to an AAX August 2022 press release, AAX had a spot trading volume of USD$57.2 million in July 2022 and boasted over 3 million users in over 160 countries.
