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Brian Lacy
Partner | Legal
British Virgin Islands, Jersey
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Brian Lacy
Partner
British Virgin Islands, Jersey
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Newsletter
20 December 2021
British Virgin Islands, Cayman Islands, Guernsey, Hong Kong, Jersey, Luxembourg Legal Services
2 min read
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As government financial support introduced during the pandemic is withdrawn, restructuring, insolvency and corporate recovery practitioners are braced for an increase in demand from clients. After that, there will likely be lender enforcement resulting in formal insolvencies by the end of the year and into next year.
The nexus of offshore centres with the City of London is well known, but demand for offshore restructuring and insolvency legal support is also coming from Europe, the US, the Middle East and the greater China region, among other areas.
Onshore counsel operating in this space are therefore likely to find themselves working alongside offshore counterparts at some point, and frequently have a number of questions around procedures and the differences between different centres' insolvency regimes. As an international firm spanning Asian, European and US time zones, Ogier regularly advises onshore counsel on all aspects of restructurings across the British Virgin Islands, the Cayman Islands, Guernsey, Jersey and Luxembourg laws. Our expertise extends to all aspects of restructurings from consensual workouts to contentious schemes of arrangement.
Below, we cover the insolvency procedures of the British Virgin Islands, the Cayman Islands, Guernsey, Jersey and Luxembourg, alongside some of the key trends in this space we are seeing - some of which are universal and others that are unique. Â
A key aspect to be aware of is that every jurisdiction has its own insolvency regime which can vary dramatically from other offshore locations, even those in the same region. The regimes in Guernsey and Jersey are significantly different for example, and there are also key differences between BVI and Cayman insolvency laws.Â
Enjoy Latitude, and please get in touch with your usual Ogier contact or any member of the team to discuss these topics further.
Meet our restructuring and insolvency team.
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The Cayman Islands Government has published the Companies (Amendment) Bill, 2021 which will introduce welcome amendments to the Companies Act (2021 Revision), to facilitate the efficient restructuring of distressed companies for the benefit of their stakeholders. The amendments 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.
Guernsey is a jurisdiction that is well used to requests from foreign insolvency office holders for assistance in collecting assets located in Guernsey. Occasionally, these requests involve assistance in interviewing former directors of companies in an insolvency process.
When the need arises for cross-border insolvency proceedings, there are several international treaties which allow for the recognition of foreign insolvency office-holders and the implementation of powers they may wish to exercise in the domestic jurisdiction.
In relation to a secured party enforcing its rights under a mortgage or charge of shares in a BVI company, the secured party will typically exercise its rights under BVI law to sell the shares or to appoint a receiver in respect of them. Such rights may generally only be exercised after a default has occurred and has continued (without rectification for 14 days following notice of the default) for a period of at least 30 days. These time periods can be shortened by contractual agreement in the relevant security document.
In the recent decision In the Matter of Padma Fund L.P. (unreported, 8 October 2021), Justice Parker found that the Grand Court of the Cayman Islands has no jurisdiction to wind up a Cayman Islands exempted limited partnership on the basis of a creditors' petition. Instead, the Court found that an unpaid creditor must present a petition against the general partner of the exempted limited partnership. This represents a considerable departure from prior practice in the Cayman Islands, where creditors have routinely sought the winding up of the exempted limited partnership itself (and not the general partner).
Ogier has recently updated the combined Jersey and Guernsey analysis article in Practical Law’s Global Guide to Restructuring and Insolvency law for 2021/22.
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Brian Lacy
Partner | Legal
British Virgin Islands, Jersey
Brian Lacy
Partner
British Virgin Islands, Jersey
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Nicholas Brookes
Partner | Legal
British Virgin Islands
Nicholas Brookes
Partner
British Virgin Islands
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Marc Kish
Partner | Legal
Cayman Islands
Marc Kish
Partner
Cayman Islands
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Angus Davison
Partner | Legal
Cayman Islands
Angus Davison
Partner
Cayman Islands
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Jennifer Fox
Partner | Legal
Cayman Islands
Jennifer Fox
Partner
Cayman Islands
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Christopher Levers
Partner | Legal
Cayman Islands
Christopher Levers
Partner
Cayman Islands
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Gemma Bellfield (nee Lardner)
Partner | Legal
Cayman Islands
Gemma Bellfield (nee Lardner)
Partner
Cayman Islands
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Harry Clark
Associate | Legal
Cayman Islands
Harry Clark
Associate
Cayman Islands
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Nour Khaleq
Senior Associate | Legal
Cayman Islands
Nour Khaleq
Senior Associate
Cayman Islands
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Mathew Newman
Partner | Legal
Guernsey
Mathew Newman
Partner
Guernsey
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Paul Chanter
Partner | Legal
Guernsey
Paul Chanter
Partner
Guernsey
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Simon Davies
Partner | Legal
Guernsey
Simon Davies
Partner
Guernsey
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Alex Horsbrugh-Porter
Partner | Legal
Guernsey
Alex Horsbrugh-Porter
Partner
Guernsey
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Christopher Jones
Partner | Legal
Guernsey
Christopher Jones
Partner
Guernsey
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Sandie Lyne
Partner | Legal
Guernsey
Sandie Lyne
Partner
Guernsey
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Michael Rogers
Managing Associate | Legal
Guernsey
Michael Rogers
Managing Associate
Guernsey
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Chloe Gill
Associate | Legal
Guernsey
Chloe Gill
Associate
Guernsey
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Oliver Payne 彭奥礼
Partner 合伙人 | Legal
Hong Kong
Oliver Payne 彭奥礼
Partner 合伙人
Hong Kong
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Anthony Oakes
Partner, 合伙人 | Legal
Hong Kong
Anthony Oakes
Partner, 合伙人
Hong Kong
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Christian Burns-Di Lauro
Partner | Legal
British Virgin Islands
Christian Burns-Di Lauro
Partner
British Virgin Islands
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Damian Evans
Partner | Legal
Jersey
Damian Evans
Partner
Jersey
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Bruce MacNeil
Partner | Legal
Jersey
Bruce MacNeil
Partner
Jersey
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Oliver Passmore
Partner | Legal
Jersey
Oliver Passmore
Partner
Jersey
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Nick Williams
Partner | Legal
Jersey
Nick Williams
Partner
Jersey
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Rebecca McNulty
Partner | Legal
Jersey
Rebecca McNulty
Partner
Jersey
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James Angus
Partner | Legal
Jersey
James Angus
Partner
Jersey
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Bertrand Géradin
Partner | Legal
Luxembourg Legal Services
Bertrand Géradin
Partner
Luxembourg Legal Services
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Hélène Arvis
Counsel | Legal
Luxembourg Legal Services
Hélène Arvis
Counsel
Luxembourg Legal Services
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