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Gemma Bellfield (nee Lardner)
Partner | Legal
Cayman Islands
![Headshot of Gemma Lardner](/media/22qnpuof/gemma-lardner.jpg?cc=0.14617058404558403,0,0.1878294159544159,0&width=300&height=300&quality=90)
Gemma Bellfield (nee Lardner)
Partner
Cayman Islands
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Insight
29 October 2021
Cayman Islands
4 min read
The Cayman Islands Government has published the Companies (Amendment) Bill, 2021 (Bill) which will introduce welcome amendments to the Companies Act (2021 Revision) (Act), to facilitate the efficient restructuring of distressed companies for the benefit of their stakeholders. The amendments, which are anticipated to be in force in short order, introduce a formal restructuring procedure for companies outside the traditional winding up process and under the supervision of a "restructuring officer" and the Grand Court of the Cayman Islands (Court).
Under the proposed amendments, a company may petition the Court for the appointment of a restructuring officer [1] on the grounds that it is or is likely to become unable to pay its debts and intends to present a compromise or arrangement to its creditors (Restructuring Petition). The introduction of a bespoke Restructuring Petition will address some of the stakeholder concerns arising from the provisional liquidation regime, and the reputational or commercial consequences associated with the presentation of a winding up petition, which is required as part of the procedure presently in force. In particular:
The amendments to the Act also ensure that there are adequate protections in place to preserve and protect the rights of creditors, including:
Where Restructuring Officers are able to formulate a viable restructuring plan and wish to pursue a scheme of arrangement:
These much-anticipated amendments to the Cayman Islands Companies Act will at last introduce a formal restructuring process distinct from the winding up procedure, with additional flexibility for companies looking to reorganise for the benefit of their stakeholders, and at the same time retain important safeguards for the benefit of unsecured creditors. It is an important step in the ongoing development of the Cayman Islands as a leading financial centre with the ability to effectively and efficiently implement large-scale cross-border restructurings according to established legal principles.
[1] The restructuring officers appointed to a company are officers of the Court and must include at least one licensed Cayman insolvency practitioner. The Court also has discretion to appoint a foreign practitioner to act as a restructuring officer in appropriate cases.
Gemma Bellfield (nee Lardner)
Partner | Legal
Cayman Islands
Gemma Bellfield (nee Lardner)
Partner
Cayman Islands
Contact Gemma
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Nour Khaleq
Senior Associate | Legal
Cayman Islands
Nour Khaleq
Senior Associate
Cayman Islands
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Marc Kish
Partner | Legal
Cayman Islands
Marc Kish
Partner
Cayman Islands
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Jennifer Fox
Partner | Legal
Cayman Islands
Jennifer Fox
Partner
Cayman Islands
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Michael Snape 石迈可
Consultant 顾问 | Legal
Hong Kong
Michael Snape 石迈可
Consultant 顾问
Hong Kong
Contact Michael
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Ogier is a professional services firm with the knowledge and expertise to handle the most demanding and complex transactions and provide expert, efficient and cost-effective services to all our clients. We regularly win awards for the quality of our client service, our work and our people.
This client briefing has been prepared for clients and professional associates of Ogier. The information and expressions of opinion which it contains are not intended to be a comprehensive study or to provide legal advice and should not be treated as a substitute for specific advice concerning individual situations.
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