In line with ongoing commitments given by the Cayman Islands, regulations came into force in the Cayman Islands on 30 June 2021, expanding the categories of entities that are now in scope for the purposes of the Economic Substance regime to all types of partnerships (including general partnerships, exempted limited partnerships and foreign limited partnerships).
In a recent judgment in the liquidation of Herald Fund SPC, an insolvent Madoff feeder fund, the Grand Court addressed the extent to which official liquidators are required to seek the approval or tacit support of the Liquidation Committee when defining the scope of their operational functions and, consequentially, incurring liquidation costs and expenses.
Successful litigants in foreign proceedings will often be required to take steps to enforce any judgment or order obtained outside of the jurisdiction in which it was made. The Grand Court of the Cayman Islands routinely recognises and enforces foreign judgments and arbitral awards from countries such as the United States, the United Kingdom, Singapore, Hong Kong and the PRC (amongst others) against individuals, entities and assets domiciled or situated in the Cayman Islands.
The Cayman Court recently recognised joint provisional liquidators appointed by the Hong Kong court over a Cayman company for the purposes of the company presenting parallel schemes of arrangement to its creditors, which schemes were subsequently approved and sanctioned by both courts.
The Cayman Court recently recognised joint provisional liquidators appointed by the Hong Kong court over a Cayman company for the purposes of the company presenting parallel schemes of arrangement to its creditors. The schemes were subsequently approved and sanctioned by both courts.
The passing of the Private Funding of Legal Services Act, 2020 in the Cayman Islands paves the way for a new age of litigation funding and contingency fee arrangements in the jurisdiction.
As Covid-induced insolvency and restructuring gathers pace, in Sun Cheong Creative Development Holdings Limited the Grand Court of the Cayman Islands (the “Grand Court”) has provided a timely overview of the principles of comity and modified universalism applicable in cross border restructurings.
Livingston Properties Equities Inc. and others (Respondents) v JSC MCC Eurochem and another (Appellants) [2020] UKPC. This advisory relates to applications to set aside service out of the jurisdiction and for a stay of proceedings in the British Virgin Islands.
The BVI Financial Services Commission (the “Commission”) recently published new virtual asset guidance (the “Guidance”). The purpose of the Guidance is to clarify the applicability of the BVI’s existing regulatory regime to virtual assets and virtual asset-related activities.
The Cayman Islands Government has announced that the Virtual Asset (Service Providers) Law, 2020 (the “VASP Law”) will come into force in two phases.
Phase one, commencing on 31 October 2020, will focus on anti-money laundering (AML) and countering the financing of terrorism (CFT) compliance, supervision and enforcement.
Phase two, which will include licensing requirements and prudential supervision, is expected to come into force in June 2021.