Offshore Litigation Blog

For a creditor to place a dissolved BVI company into insolvent liquidation, the creditor must first restore the company. Good news to all creditors – AS PNB Banka (in liquidation) v Registrar of Corporate Affairs now confirms that the appointment of a registered agent is not required as a precondition to restoration where the creditor seeks restoration solely for the purpose of placing a dissolved company immediately into insolvent liquidation.

On 24 March 2026, Justice Segal handed down his long-awaited trial judgment in Laggner v Uphold, dismissing a petition to wind up a Cayman Islands digital money platform on just and equitable grounds. The Petition was filed on 14 June 2022. In the four years since, the matter has been before the Court on three interlocutory occasions, proceeded to a three-week trial, and culminated in a 349-page ruling.

In Re Fang Holdings Limited the Grand Court (Justice David Doyle) confirmed that a company cannot simply assert a right to participate in winding up proceedings brought by shareholders on just and equitable grounds. Without evidence of independent governance and a genuine separate and independent interest, the company was restricted to giving discovery alone.

In THG Plc v Zedra Trust Company, the UK Supreme Court, by 4-1, overturned the Court of Appeal and held that no statutory limitation period applies to unfair prejudice petitions under section 994 of the Companies Act 2006 (the CA).

In a previous blog post, we discussed the first instance judgment in the Phoenix BVI litigation, where Justice Mangatal considered the formalities for becoming a shareholder under s49 of the BVI Business Companies Act, Revised Edition 2020 (BCA). That judgment has now been appealed, with an accompanying application for a stay of execution.

It’s a familiar dilemma: a debt remains unpaid under a contract and the creditor wishes to pursue payment of the debt.

In 2017, Singapore incorporated the UNCITRAL Model Law on Cross-Border Insolvency (the ‘Model Law’) into its domestic legislation, providing a comprehensive and structured framework for the recognition and assistance of foreign corporate insolvency proceedings.

Section 36(13) of the Exempted Limited Partnership Act (2021 Revision) (‘ELPA’) gives the Grand Court of the Cayman Islands the power to override a limited partnership agreement and replace the general partner (‘GP’) of an exempted limited partnership (‘ELP’) during its winding up, if necessary for a proper dissolution.

In Hyalroute Communication Group Limited v Industrial and Commercial Bank of China (Asia) (Hyalroute), the Hong Kong Court dismissed an application by a Cayman Islands-incorporated company for anti-suit relief to restrain a creditor from filing a winding-up petition in the Grand Court of the Cayman Islands.

On 8 July 2025, New Horizon Health Limited (the Company), a Cayman company listed on the Hong Kong Stock Exchange (HKEX), filed a petition to appoint provisional liquidators (PLs).

In a recent decision of In the matter of TROOPS Inc, the Grand Court declined to appoint joint provisional liquidators (JPLs) on an ex parte basis over TROOPS Inc. (the Company). The ruling provides a useful reminder of the Court’s “especially cautious” approach to pressing the “nuclear button” of appointing JPLs, especially when that appointment is sought on an ex parte without notice basis.

The Grand Court’s recent decision in Re Superb Summit International Group Ltd [2025] CIGC (FSD) 62 offers a legally straightforward, albeit unusual, illustration of how Cayman Islands restoration and winding-up procedures can be utilised to support foreign regulatory enforcement efforts, particularly where cross-border fraud is alleged and local recovery action is essential.