The Cayman Islands restructuring regime will continue to be on the cutting edge and enhanced when
amendments to the Cayman Islands restructuring laws come into force on 31 August 2022. Some key
highlights and features of the new regime include:
• Allowing a company through its directors to restructure under the supervision of a qualified
insolvency practitioner (the “Restructuring Officer”) and the Cayman Court if the company is or is
likely to become unable to pay its debts, and it intends to present a compromise or arrangement
to its creditors;
• Allowing a company to make an ex parte application to the Court for an order appointing an Interim
Restructuring Officer to take immediate effect;
• Providing an automatic stay on creditor action, suit, or other civil proceedings upon the filing of
the Court documents and without the need of a Court hearing;
• Separating Cayman’s restructuring regime from the winding-up (i.e., liquidation) regime;
• Improving access to Cayman’s restructuring regime;
• Ensuring the interests of creditors of the company are protected;
• Maintaining the ability of secured creditors to enforce their security; an
• Permitting the restructuring plan to take the form of a compromise or arrangement between the
company and its creditors and/or members (or classes thereof), that are governed by English law
(i.e., English Schemes of arrangements), United States Chapter 11 and equivalent procedures
under non-Cayman restructuring regimes.
Cayman’s new restructuring regime will be the go-to option for a wide variety of company restructurings.
If you or your company would like further information, please reach out to your usual Broadhurst LLC contact or simply click the link to my email address ([email protected]) and send me a message.
Ian Lambert – Partner
[email protected]
BROADHURST LLC
4th Floor Monaco Towers, 54 Edward Street, P.O. Box 2503 Grand Cayman, KY1-1104 Cayman Islands
Tel: +1 (345) 949-7237 | [email protected]
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