Unravelling
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Unravelling Complexity

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Recent Uncertainty Concerning The UK's Proper Purpose Rule
Litigation, Insolvency and Restructuring

Recent Uncertainty Concerning The UK's Proper Purpose Rule

In recent years, where take-private transactions and corporate restructurings have become increasingly common, the actions of directors have come under scrutiny as they push the boundaries of the proper purpose rule. Nick Hoffman and Conal Keane examine the differing powers, and the remedies available to shareholders who object to a proposed course of action by the directors in this article originally published by Law 360.
The Restructuring Review: Cayman Islands
Litigation, Insolvency and Restructuring

The Restructuring Review: Cayman Islands

Harneys lawyers contributed the Cayman Islands chapter in the Eleventh Edition of The Restructuring Review. The chapter gives an overview of restructuring and insolvency activities as well as a general introduction to the restructuring and insolvency legal framework in Cayman. It sets out significant transactions, addresses international issues in cross-border cases, and looks at future developments for the jurisdiction. The Restructuring Review is published by The Law Reviews.
The Restructuring Review: British Virgin Islands
Litigation, Insolvency and Restructuring

The Restructuring Review: British Virgin Islands

Harneys lawyers contributed the British Virgin Islands chapter in the Eleventh Edition of The Restructuring Review. The chapter gives an overview of restructuring and insolvency activities as well as a general introduction to the restructuring and insolvency legal framework in the BVI. It sets out recent legal developments, addresses international issues in cross-border cases, and looks at future developments for the jurisdiction. The Restructuring Review is published by The Law Reviews.
INSOL World: A Cauldron of Fraud – AHAB v SICL & Ors
Litigation, Insolvency and Restructuring

INSOL World: A Cauldron of Fraud – AHAB v SICL & Ors

In a landmark ruling for the Cayman Islands jurisdiction, the Honourable Chief Justice Smellie of the Grand Court, on 31 May 2018, emphatically dismissed a multi-billion dollar claim in the case of Ahmad Hamad Algosaibi & Brothers Company (AHAB) v SICL & Ors, involving allegations of fraud arising from one of the largest corporate collapses of the financial crisis. This case rivalled, if not surpassed in respects, the notorious Madoff Ponzi scheme which was also uncovered during the financial crisis, and has been described, both in terms of length and value, as the most substantial trial ever to be heard in the Cayman Islands. This article looks at the global scope of the dispute which led to the Cayman judgment. Download the PDF to read more.
The position and rights of secured creditors in a Cayman liquidation
Liquidations

The position and rights of secured creditors in a Cayman liquidation

While secured creditors are usually better off than unsecured ones, they can face a number of pitfalls as a result of much-overlooked Cayman law, warn partner Nick Hoffman and senior associate Katie Pearson from Harneys in Grand Cayman.
An arbitration paradise
Litigation, Insolvency and Restructuring

An arbitration paradise

The British Virgin Islands (BVI) is a familiar jurisdiction to most professionals practising international commercial law. Stuart Cullen, counsel at Harneys, says in this article originally published by Latin Lawyer, that a recent increase in dispute resolution instructions coming from Latin America is accompanying the jurisdiction’s increasing profile in international arbitration too.