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Ogier | Cayman Islands | 23 Sep 2021

Grand Court confirms test for liquidator independence

The Grand Court has recently provided helpful clarification as to the appropriate test to be applied when a dispute arises over the identity of the insolvency practitioners proposed to be appointed by a creditor or the company. The Court confirmed the three-stage test for determining independence and that when applying the test, significant weight should be afforded to the creditors' views....
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Ogier | Cayman Islands | 22 Sep 2021

CIMA publishes FAR and RFE forms for private funds

The Cayman Islands Monetary Authority has announced that the fund annual return (FAR) form for funds registered under the Private Funds Act (Revised) (private funds) is now available, together with the related fund entities (RFE) form, which must be used by private funds to submit data regarding certain related fund entities. The deadline for the first filing of audited accounts and the......
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Ogier | Cayman Islands | 16 Sep 2021

Snapshot: implementing Cayman Islands charging orders in aid of enforcing foreign arbitral awards

In a recent decision, Justice Segal provided welcome clarification of the grounds on which the Cayman Islands Grand Court will grant an order for sale of shares in a Cayman Islands company secured by way of a charging order absolute in support of the enforcement of a foreign arbitral award. This decision highlights that a charging order can be used as an effective remedy to support the......
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Ogier | Cayman Islands | 16 Sep 2021

CIMA publishes FAR and RFE forms for private funds

The Cayman Islands Monetary Authority has announced that the fund annual return (FAR) form for funds registered under the Private Funds Act (Revised) (private funds) is now available, together with the related fund entities (RFE) form, which must be used by private funds to submit data regarding certain related fund entities. The deadline for the first filing of audited accounts and the......
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Ogier | Cayman Islands | 9 Sep 2021

Snapshot: implementing Cayman Islands charging orders in aid of enforcing foreign arbitral awards

In a recent decision, Justice Segal provided welcome clarification of the grounds on which the Cayman Islands Grand Court will grant an order for sale of shares in a Cayman Islands company secured by way of a charging order absolute in support of the enforcement of a foreign arbitral award. This decision highlights that a charging order can be used as an effective remedy to support the......
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Ogier | Cayman Islands | 26 Aug 2021

Reforming STAR trusts

Recently, for the first time, the Grand Court dealt with the variation of trusts established under the special trusts alternative regime (STAR). The trustee of the STAR trusts in question had applied to the court to reform the trusts through cy-pres, pursuant to section 104 of the Trusts Act, on the basis that the trusts' execution had become obsolete. This decision shows the willingness of......
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Ogier | Cayman Islands | 3 Aug 2021

Snapshot: management meetings are integral in section 238 proceedings

The Grand Court of the Cayman Islands has once more emphasised the central role that experts play in section 238 proceedings and that it is integral to the process to allow them to meet with management to gather information that they consider to be relevant. This decision reinforces the importance of the company cooperating with requests from experts in section 238 proceedings, which are......
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Ogier | Cayman Islands | 29 Jul 2021

Snapshot: management meetings are integral in section 238 proceedings

The Grand Court of the Cayman Islands has once more emphasised the central role that experts play in section 238 proceedings and that it is integral to the process to allow them to meet with management to gather information that they consider to be relevant. This decision reinforces the importance of the company cooperating with requests from experts in section 238 proceedings, which are......
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Ogier | Cayman Islands | 22 Jul 2021

Structuring from the foundations to the stars: Cayman foundation companies and STAR trusts

The Cayman Islands boasts a variety of innovative and flexible vehicles and structures, beyond the basic trust instruments, which can meet the structuring requirements of a range of entities, from charities to commercial ventures. Foundations and special trust alternative regime trusts are among the structuring options available; while they are similar in terms of the flexibility that they......
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Ogier | Cayman Islands | 20 Jul 2021

Snapshot: fair rate of interest in section 238 proceedings to include compounding element

The Grand Court of the Cayman Islands recently approved an approach to determining the fair rate of interest in section 238 proceedings that includes an element of compounding in its calculation. The Court found that to reach a fair interest rate, the practical reality that investors' rates of return are inherently compounding in nature must be incorporated into calculations. This judgment......
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