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British Virgin Islands
Carey Olsen
Statutory demands in the British Virgin Islands have long been a useful option for creditors of defaulting companies.
In February 2020 the British Virgin Islands Commercial Court sanctioned a creditor scheme of arrangement, which was part of a much larger cross boarder restructuring.
This country-specific Q&A provides an overview to restructuring & insolvency laws and regulations that may occur in the British Virgin Islands.
Carey Olsen
A company incorporated in the British Virgin Islands (the "BVI") can be placed into insolvent liquidation either by: a shareholders' qualifying resolution; or a court order, following an application to the court...
Cayman Islands
Justice McMillan noted that the question of a secured creditor's standing to present a winding up petition had not previously been dealt with by the Grand Court.
In recent years the Cayman Islands courts have become increasingly sympathetic to the needs of debtor companies looking to implement a viable restructuring plan.
As companies across many sectors look to restructure company and group debt in the face of demand and supply shocks that have rocked the global economy, advisors will need to carefully...
May 2020 marks the twenty second anniversary of the Cayman Islands segregated portfolio company ("SPC").[1] This article takes a look back at the SPC's first two decades and particularly...
A.G. Erotocritou LLC
The Covid-19 pandemic created an unprecedented situation for the lives and livelihoods of people from every socioeconomic background.
Harris Kyriakides
On 02/08/2019, the Parliament has passed the Transfer and Mortgage of Property (Amending) (No. 4) Law of 2019 (the "Amending Law of 2019")
European Union
As the impact of the Covid-19 pandemic deepens and a prolonged "U" shaped recession looks increasingly more certain...
Alex Horsbrugh-Porter, counsel in Ogier's Dispute Resolution team in Guernsey, has been appointed to the Insolvency Rules Committee in Guernsey.
Carey Olsen
Carey Olsen restructuring and insolvency partner David Jones has been appointed as a member of Guernsey's first ever Insolvency Rules Committee (IRC).
With reference to practical examples from England & Wales, this briefing note by Raj Arumugam of 5 Stone Buildings and Adam Cole of Walkers' Guernsey office seeks to highlight three areas of change.
Collas Crill
The below article, written by Collas Crill's Of Counsel in Jersey Sam Williams and first published on Lexis PSL, provides an update on the latest developments in the Z Trusts insolvency case...
In the current COVID-19 environment it is likely that there will be more businesses becoming insolvent.
Collas Crill
The Royal Court's latest judgment on an application to approve liquidators' fees demonstrates a strong and thorough approach to protecting creditors.
United Arab Emirates
Hassan Elhais
We all have been witnessing major steps taken by the government of UAE in order to prevent negative impact of coronavirus on our economy. COVID-19 has just made wide-scale interruption to various ventures both locally and internationally.
In times of financial pressure, it is not unheard of for companies to enter into transactions that turn out, with the benefit of hindsight to be far more disadvantageous than understood, or to act in ways which when reviewed down the line can take on a questionable complexion.
Carey Olsen
Stephen John Hunt v Transworld Payment Solutions U.K. Limited (in liquidation) [2020] SC (Bda) 14 Com.
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