In business, contractual counter parties have been considering how unforeseen “supervening” events affect the rights and obligations of their agreements. Much has been written recently on ‘frustration of contracts’ (as well as the various other kinds of frustration), but where does this concept come from and is there anything to be learned from history about how might it be applied today?
This article outlines the main ADR processes available to parties to Cayman disputes and highlights some of their potential advantages. It is important for parties to consider ADR at the outset of a dispute, even where a contractual dispute resolution procedure exists, before embarking on a dispute resolution process that may be ill-suited to the dispute or where preferable alternatives may exist.
This briefing note is intended to provide some guidance for fund directors as they deal with the fallout from this pandemic.
Brian Child and Matt Freeman co-author the British Virgin Islands chapter of the Chambers Insolvency 2019 Second Edition Guide.
Guy Manning, Mark Goodman and Guy Cowan co-author the Cayman Islands Chapter of the Chambers Insolvency Guide 2019
Litigation attorneys Guy Manning and Paul Kennedy have contributed to the Cayman Islands chapter of the Americas Restructuring Review 2020.
In recent years, the offshore courts have shown a greater willingness to provide assistance to claimants or potential claimants by ordering third parties to disclose information about wrongdoing. Norwich Pharmacal relief, the equitable principle by which the courts make orders for discovery against innocent third parties who are “mixed up” in the wrongdoing of others, has been used by common law courts for decades. It has become an increasingly attractive tool in the offshore world to assist with tracing assets and enforcing judgments or arbitral awards, particularly against registered agents who hold potentially valuable information about entities incorporated offshore.
A recent judgment of the Grand Court of the Cayman Islands (the Court) in China Shanshui has considered validation orders to allow for the trading of shares on the Hong Kong Stock Exchange whilst a winding up petition is pending. It also considered the basis upon which a validation order previously agreed by consent of the parties could be varied.
The Cayman Islands Court of Appeal recently dismissed the USD2 billion appeal by Primeo, a Madoff feeder fund. Campbells represented the successful HSBC respondents. Andrew Pullinger and Shaun Tracey discuss the wider significance of the appellate judgment, particularly concerning the rule against the recovery of reflective loss.
Guy Manning and Liam Faulkner sit down with GTDT to examine dispute resolution trends and strategies in the Cayman Islands for their global Market Intelligence report 2019.