International Insolvency

Introduction of a New Restructuring Regime in the Cayman Islands

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.

Recognition and Assistance of Foreign Insolvency Officeholders in the British Virgin Islands

BVI Liquidator of a Foreign Company

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:

New Member Spotlight

The International Committee community is continuing to grow! We are excited to introduce and welcome the following new members:

Indian Cross-Border Insolvencies: Beyond the Horizon

Whether it is the time lag depicted in Future Shock by Alvin Toffler in 1970 or the relativity of time by Yual Hararri in The History of Homo Sapiens, we have never felt the fast pace of a changing world as we are witnessing now. The rapid pace of digitalization, investment opportunities across the world and exchange of technologies have shrunken the world to a click of a mouse. In this rapidly changing scenario, no investor can survive by restricting themselves to the boundaries of a nation, which results in having assets across more than one territorial jurisdiction.

ABI Happy Hour at INSOL

The International Committee hosted an in-person happy hour social during INSOL London 2022 on June 27 at the conference hotel, the JW Marriott Grosvenor House London. Thank you to everyone who attended to mix-and-mingle with fellow ABI members; we had a blast!