Offshore Litigation Blog

In the recent decision of In the Matter of Tyr Capital Partners SPC Ltd, the Grand Court of the Cayman Islands considered an application by Tyr Capital Partners SPC Ltd (the Fund) seeking an order that a winding up petition issued by TGT GP (the Petitioner) against the Fund be struck out pursuant to section 95(2) of the Companies Act (2023 Revision) which provides that where a petitioner is contractually bound not to present a winding-up petition, the court shall dismiss or adjourn the hearing of the petition.

In a recent decision of the Hong Kong Court of First Instance in In the Matter of Dexin China Holdings Company Ltd, the Court considered an application for a validation order in respect of the transfer of shares in a Cayman company listed on the Hong Kong Stock Exchange facing a winding up petition (the Petition) in Hong Kong based on an unsatisfied statutory demand.

In the recent case of Re UKCloud Ltd (In Liquidation), the English High Court examined whether the effect of a debenture granted by the Company gave the benefit of a fixed or floating charge over its internet protocol (IP) addresses. The distinction was important, impacting recoveries for the Company’s unsecured creditors.

In the recent and important decision of Re Shandong Chenming Paper Holdings Ltd, the Hong Kong Court of Appeal confirmed that an arbitrable cross-claim against the petitioner can be a ground for dismissal of a winding-up petition.

In the High Court, Lifestyle Equities, (Lifestyle) successfully claimed that Hornby had infringed their trademarks. Lifestyle also successfully sued the Ahmeds personally, alleging they were jointly liable by sharing a common design with Hornby. Trademark infringement uses strict liability, which meant that there was no need for Lifestyle to prove that the Ahmeds knew of or intended the infringement.

The increasing adoption of digital assets like cryptocurrencies has highlighted the need for clarity on how insolvency laws apply in this new sector.

Justice Parker’s decision of In North Sound Pharmaceuticals Inc concerns an appeal against the rejection of a proof of debt in a liquidation. The judgment highlights a number of procedural and practical considerations for would-be appellants and their advisors alike.

In the recent decision of In the Matter of Bo Run SPC, the Grand Court of the Cayman Islands considered whether it was permissible to file a composite petition to appoint receivers to a number of segregated portfolios within a single segregated portfolio company as opposed to filing separate petitions for each segregated portfolio.

In the case of In the Matter of Orient TM Parent Ltd (Unrep, Grand Court, 27 July 2022), the Grand Court of the Cayman Islands dismissed with indemnity costs the petitioners’ application for the appointment of joint provisional liquidators (the JPLs) and alternative injunctive relief relating to the company’s assets.