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There has been growing debate in recent years over the continued relevance of the common law rule in Antony Gibbs & Sons v La Societe Industrielle et Commerciale des Metaux (1890) LR 25 QBD 399 (the “Gibbs Principle”). The Gibbs Principle basically means that where a contract is governed by the law of a particular country, it cannot be discharged or compromised under the insolvency law of another country — unless the creditor has submitted to that other jurisdiction.
After two years of being held virtually, ABI’s in-person Cross-Border Insolvency Program resumed on Nov. 14 in the Blank Rome LLP Conference Center in Manhattan. Thanks go to Evan Zucker and Blank Rome for hosting the conference.
For the first time since the start of the pandemic, ABI held its annual International Insolvency & Restructuring Symposium in person, returning to London Oct. 13-14. The symposium was held in conjunction with the American College of Bankruptcy, the International Insolvency Institute (III), INSOL, IWIRC and TMA Europe, and featured many of the hottest topics in international restructurings.
The International Committee community continues to grow! We are excited to introduce and welcome the following new members who joined our committee between July and October 2022.
A new restructuring regime will be available in the Cayman Islands when the amendments to Part V of the Companies Act (2022 Revision) take effect as of August 31, 2022. Among other changes, this new regime will allow a debtor company to restructure under the supervision of a restructuring officer and provide for a worldwide automatic stay. With the present state of the global economy and the likely increase in insolvencies, these amendments will provide a significant benefit to companies seeking to restructure in the Cayman Islands.
A BVI-licensed insolvency practitioner may be appointed as a liquidator of a foreign company if the court is satisfied that the company has a connection with the BVI and, among other things, the company is insolvent or it has been dissolved or has otherwise ceased to exist under or by virtue of the laws of the country in which it was last registered. A foreign company has a connection with the BVI only if:
