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: