Cayman Islands: Notable Litigation & ICR Matters
Last Updated: 3 September 2015

Walkers regularly advises on complex and high-value commercial litigation, corporate restructurings (including creditor and shareholder schemes of arrangements), distressed hedge fund, exempted limited partnership and trust disputes. This work is frequently of a cross-border nature and we often work closely with top-tier onshore counsel and/or Leading Counsel from pre-eminent sets of barristers in London.

Some of our notable ongoing and recent engagements include:

  • Caledonian Bank Limited: We represent Ernst & Young Ltd., the joint official liquidators ("JOLs") (and previously the joint controllers) of Caledonian Bank Limited ("CBL"), a Class A licensed bank in the Cayman Islands, and Caledonian Securities Limited ("CSL"), a licensed custodial and brokerage services business in the Cayman Islands. The JOLs were initially appointed as controllers of CBL and CSL on 10 February 2015 by the Cayman Islands Monetary Authority and then as the joint official liquidators of CBL and CSL on 23 February 2015 by the Grand Court of the Cayman Islands.
  • Classroom Investments Inc.: We represented Classroom Investments Inc. in respect to an application for a freezing injunction against companies domiciled in the Cayman Islands made in support of substantive fraud proceedings in Hong Kong. The sum frozen was significant- US$157 million- and the order represented the first time in which such "free-standing" relief has been granted in support of overseas proceedings following recent amendments to the Grand Court Law.
  • Integra Group: We act for Integra and have assisted the Court with respect to the determination of the fair value of the shares of Integra. The proceeding is adversarial in that the dissenting shareholders are claiming the merger consideration that was offered was not fair. This Integra case will set the precedent for fair value petitions in Cayman.
  • ORIX Corporation and New York Life Insurance Company: We successfully acted for the Petitioners in obtaining the appointment of provisional liquidators and, thereafter, a Winding Up Order. Following the making of the Winding Up Order, the Joint Official Liquidators (FTI Consulting) retained Walkers as their Cayman Islands attorneys to advise as to all matters of Cayman Islands law concerning the liquidation.
  • Talent Business Investments/Zhangnan: We successfully represented the Plaintiff (Talent Business Investments/Zhangnan) in a claim to recover significant dividends payable from a company principally operating in the People's Republic of China. The dividends were found to have been improperly withheld, and express findings of fraud and forgery were made in respect of the Defendant's conduct following a full trial.
  • Major trusts disputes: We acted on two of the largest trusts disputes in the jurisdiction which involved:

    • Defending a multi-million dollar claim against a Cayman trust company for breach of trust, in particular for failure adequately to supervise the investment manager. The dispute was settled shortly before trial in March 2012 (upon terms favourable to our clients).
    • Acting for the trustees of a Cayman trust against two former beneficiaries claiming that they should have received a substantially larger share when their interests were appointed out onto new trusts (the quantum at stake was in the tens of millions of USD). The 9 week trial was heard by the Grand Court during April to June 2012.

Please click on the file below to view additional matters.

Walkers IDR Deal Sheet (June 2015).pdf

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