JD Supra Cayman Islands

Publisher:
JD Supra
Publication date:
2019-04-29

Publisher

Latest documents

  • Tales from the Oriente: the first appointment of restructuring officers in the Cayman Islands

    The Company is the parent company of a group (the "Group") which operates a leading financial technology platform providing alternative sources of credit to traditional retail banks for the unbanked and underbanked population of Southeast Asia, with more than 8 million registered users. The Group's performance was significantly affected by the impact of the COVID-19 pandemic on the Southeast Asian economy and the platforms' users, which resulted in a substantial increase in non-performing (consumer) loans, as well as other factors impacting the global capital markets and investor community including, but not limited to, US-China tensions, the Russia-Ukraine war and interest rate increases by central banks. Please see full Alert below for more information.

  • Home Thoughts, From Abroad - Restructuring Recognition (and Recognition of Restructuring)

    Where a company’s liquidation is necessary, deciding who or where is best placed to administer an orderly wind down for the benefit of creditors can be difficult: the shortfall of assets in an insolvency will highlight jurisdictional differences in approach as to questions of priority, frequently territorial rather than universalist. Please see full Advisory below for more information.

  • Updated Procedures for De-Registration of Cayman Islands Mutual Funds and Private Funds

    On 17 August 2022, the Cayman Islands Monetary Authority (“CIMA”) published a set of new regulatory measures in connection with the de-registration of mutual funds and private funds (the “Procedures”) as regulated funds in the Cayman Islands. The revised Procedures represent the outcome of a consultation process that CIMA has undertaken in order to simplify and standardise the de-registration process for regulated funds, so that mutual funds and private funds can terminate their registrations on a consistent basis. Please see full Article below for more information.

  • Cayman Islands: When are relevant documents in the “power” of a litigant and therefore discoverable?

    Under Order 24, rule 1 of the Grand Court Rules (“GCR”), a party is required to give discovery of “documents which are or have been in his possession, custody or power”. Given the importance of “power” to determine - and potentially significantly to expand - the scope of a party’s discovery obligations, it is perhaps surprising that there has, until recently, been a dearth of Cayman Islands case law regarding this aspect of GCR O.24, r.1. Practitioners will no doubt therefore welcome the elucidation of the test for establishing “power” now provided in two separate (unreported) decisions of the Grand Court, in (1) Abdulhameed Dhia Jafar v Abraaj Holdings and others (19 July 2022; Cause Nos: FSD 150, 158 and 203 of 2020); and (2) In the Matter of Investar General Partner Limited and others (27 July 2022; Cause Nos: FSD 146, 147, 148 and 196 of 2018). Please see full Article below for more information.

  • Chambers Global Aviation Finance & Leasing Guide 2022: Cayman Islands

    In the 2022 Chambers and Partners Global Aviation Finance & Leasing Guide for the Cayman Islands, our aviation experts provide a comprehensive overview of the latest legal information regarding aircraft and engine purchase and sale, aircraft and engine leasing and aircraft debt finance. Please see full Article below for more information.

  • Grand Court warns investment managers that indemnity costs will loom large should they contest the identity of official liquidators in solvent liquidations

    Overview - In a recent decision of the Grand Court of the Cayman Islands (the "Court") concerning a supervision order in respect of a Cayman company in voluntary liquidation, Kawaley J considered the settled principles in a solvent Cayman Islands liquidation involving a dispute as to the identity of the official liquidators to be appointed. Please see full Article below for more information.

  • Appointing liquidators in the Cayman Islands

    Executive Summary - Where multiple Cayman Islands entities in the same corporate structure become subject to insolvency proceedings (e.g. Cayman Islands master/ feeder fund structures), the Cayman Islands Courts will typically seek to appoint the same liquidators at each level where such entities share similarities in circumstances. Doing so typically aligns with the Overriding Objective of the Court to deal with matters economically and efficiently, and in the context of a liquidation, helps protect the interests of stakeholders in the liquidation. That said, certain circumstances may call for the appointment of different office holders at different levels of the structure or even at the same level. Please see full Publication below for more information.

  • Walkers’ Guide to Token Issuances, DAOs and Foundation Companies in the Cayman Islands

    Roadmap - As a starting point it is helpful to outline a roadmap of how a new blockchain based project might develop. It is important to stress that no two projects will ever have the same objectives. As such, there is no ‘cookie cutter’ approach that can be applied. Each project will be unique and a bespoke approach must be determined. Accordingly, the roadmap set out below is intended to provide a general overview for informational and discussion purposes Please see full Publication below for more information.

  • Moving to the Cayman Islands

    Boasting an enviable lifestyle, modern infrastructure and a highly sophisticated financial services industry and all within a short flight of Miami and other US cities, the Cayman Islands check all the boxes for individuals seeking to relocate to a tax-neutral jurisdiction. As a result, the Cayman Islands have evolved into an increasingly popular place of residence for internationally mobile “remote-workers” and high-net-worth individuals from around the world...

  • SPAC Litigation: What Happens if the “Blank Check” Bounces?

    The demand for Special Purpose Acquisition Company (SPAC) formations in the Cayman Islands increased through the first quarter of 2021 following robust performance in 2020. Whilst the second quarter of 2021 has seen a slowdown from this unprecedented frenetic pace, it is unlikely that the overall demand for this bespoke structure will subside in the near future...

Featured documents

  • Cayman Islands FATCA/CRS Deadlines Extended Further

    On July 19, 2017, the Cayman Islands announced another extension of the filing deadline for 2016 FATCA and Common Reporting Standard (CRS) reports to August 31, 2017. The deadline for notification (registration) remains unchanged at July 31, 2017....

  • Conyers Coverage – Cayman Islands – Issue 4

    This issue focuses on the evolution of the Cayman Islands insurance industry. We share an interview with Nate Gemmiti, Chairperson of CIRCA, and introduce you to the Head of our Cayman office, Kevin Butler who, following time in Bermuda, has worked in the Cayman insurance industry for more than 17...

  • Home Thoughts, From Abroad - Restructuring Recognition (and Recognition of Restructuring)

    Where a company’s liquidation is necessary, deciding who or where is best placed to administer an orderly wind down for the benefit of creditors can be difficult: the shortfall of assets in an insolvency will highlight jurisdictional differences in approach as to questions of priority, frequently...

  • LATIN AMERICA & THE CARIBBEAN: A Legal Guide for Business Investment and Expansion - Cayman Islands

    1 .What role does the government of the Cayman Islands play in approving and regulating foreign direct investment? The Cayman Islands Government has put in place and continues to maintain a regulatory structure whose goal to ensure that investors with assets held by Cayman Islands registered/reg...

  • Cayman Islands Private Client Legislative Update

    It’s trite to say that 2020 was a year marked by change. Having being bombarded with a variety of unsolicited adjustments to our daily lives, we could be forgiven for having developed a collective fear of change over the last 12 months.  Originally published in Trust Cayman magazine....

  • Tales from the Oriente: the first appointment of restructuring officers in the Cayman Islands

    The Company is the parent company of a group (the "Group") which operates a leading financial technology platform providing alternative sources of credit to traditional retail banks for the unbanked and underbanked population of Southeast Asia, with more than 8 million registered users. The Group's ...

  • New Registration Requirements for Cayman Islands Master Funds

    As the result of a recent amendment to the Cayman Islands Mutual Funds Law, master funds formed in the Cayman Islands may be required to register with the Cayman Islands Monetary Authority (CIMA). Prior to the passage of the Mutual Funds (Amendment) Bill 2011 (the “Amendment”) in...

  • Cayman Islands FATCA/CRS Reporting Deadlines Extended

    On May 30, 2018, the Cayman Islands announced that 2017 FATCA and Common Reporting Standard (CRS) reporting obligations may be completed by July 31, 2018 without adverse consequences, enforcement measures or penalties....

  • Private Client Bulletin - April 2021

    Welcome to the fourth edition of our Private Client Bulletin, bringing you the latest private client and trust news and insights from Bermuda, the Cayman Islands, BVI and Asia....

  • Cayman Islands Master Fund Registration Update

    Under the recent Cayman Islands Mutual Funds (Amendment) Law, 2011 (the “Amendment”), certain master funds formed in the Cayman Islands are required to register with the Cayman Islands Monetary Authority (CIMA). The Amendment defines “master fund” as “a mutual fund that is incorporated or...

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