Nicholas Fox

Nicholas Fox

Cayman Islands

Offshore Litigator's Perspective - Q4 2020

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19 January 2021

Welcome to our quarterly Litigation round up, which brings you Mourant's perspective on legal developments that we see in our work advising on many of the most challenging and complex cases in the offshore courts.

Happy New Year! Here's hoping that, with mass vaccination and other positive developments on the horizon, 2021 will prove to be much safer and happier for all of us than 2020. As ever, we've assembled a wealth of new insights and updates on recent developments in the litigation-sphere, which we hope you will find interesting.

Some highlights include:

From the BVI team, an analysis of two recent Privy Council decisions – touching upon just & equitable winding-up petitions and forum challenges, respectively.

A wealth of material from Cayman (which, happily, was removed from the EU list of non-cooperative jurisdictions in October 2020), beginning with a s.238 valuation update and including a significant amount of insolvency-focused material: with an article (first published in INSOL World) on investment fund claw-back claims; a note on the successful Tailored Brands Chapter 11 restructuring - on which Mourant advised; and an acknowledgment that Who's Who Legal have listed 5 Mourant partners (including 4 in Cayman and 1 in Guernsey) as recommended individuals in the Restructuring & Insolvency field.

From Guernsey we have an article considering the court's powers under s.426 of the Companies (Guernsey) Law, 2008 to 'bless' a liquidator's intended course of action. It's worth reading closely, as no doubt this will be a very useful item in the toolkit.

Our Jersey team advised on the first ever Jersey acquisition by scheme of arrangement of a NYSE-listed target. As well as a note on that landmark matter, we also have an article, first published in the Global Restructuring Review, analysing a recent Royal Court decision in which it applied the principles of universalism, by winding up a Jersey Company having been asked to do so by the Canadian Court.

Lawyers in our Channel Island Litigation team have authored the 2020 edition of the Guernsey and Jersey 'Law and Practice' sections of the Chambers and Partners Insolvency Guide.

Finally, our update features several new guides and talks, including:

- A guide on "What shareholders need to know about their rights and remedies under BVI law"

- Cayman guides on the Data Protection Act and "What you need to know about the Cayman Islands statutory merger"; and

- A Guernsey talk on "Tax Planning Challenges for Trustees"

Our Trusts in Crisis webinar series is ongoing and the next, and final, session takes place on Tuesday 9th February at 11am. This session will focus on attacks against the trust by third parties. Edward Devenport will deal with claims against the trust based on forced heirship principles, Justin Harvey-Hills will consider attempts to "Pierce the Veil" and Stephen Alexander will tackle claims that a trust is a sham. Click here for more information on the agenda and to register for the event. If you've missed any of the earlier sessions, they're all available on our website and can be watched at any convenient time by following this link.


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