Turning the tide: Introducing the new Restructuring Regime in the Cayman Islands
After several years in the making, the new Cayman Islands restructuring legislation is here. In 2022, several significant amendments to the Companies Act have been implemented making proceedings even more flexible whilst remaining both debtor and creditor friendly.
The main change is that “Restructuring Officer” proceedings have replaced the traditional "Provisional Liquidation" regime, that has historically been used in circumstances where a company intends to pursue a restructuring.
These amendments will be welcomed by debtor companies and their stakeholders. We believe they will place the Cayman Islands in an even stronger position to facilitate international restructurings, building on the success of the jurisdiction under the former regime. Overall, this is a positive step for the Cayman Islands and its role in cross border restructuring. We outline the main changes and advantages of the new proceedings in our most recent POV: Turning the tide: Introducing the new Restructuring Regime in the Cayman Islands.
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