The Offshore Litigation Blog and our contributors
The Harneys Offshore Litigation Blog is a unique online hub for news and insights about offshore litigation in jurisdictions including the British Virgin Islands, the Cayman Islands, and Bermuda. We are the authoritative resource for recent cases, jurisdictional news, court lists, interviews with the judiciary and even some tips on island life.
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The Distinction between ‘Legal Rights’ and ‘Interests’ when Determining Creditor Classes in a Scheme of Arrangement: An Examination of the Restructuring of China Aoyuan Group
When a scheme of arrangement involving a compromise or arrangement is proposed between a company and its creditors or any class of them, the court is required to consider whether it would be appropriate to convene one or more meetings of creditors for the purposes of considering and voting on the scheme of arrangement.
12 Jun 2025
Three closed doors: Stevanovich and section 273 of the BVI Insolvency Act, Revised Edition 2020
A significant recent Privy Council decision, Stevanovich v Richardson, clarifies the limits of s273 of the BVI Insolvency Act, Revised Edition 2020 (IA). In particular, the decision confirms that only limited categories of persons can challenge a liquidator’s decision, despite the apparently broad language of s273.
23 Apr 2025
Superdry undressed – document disclosure in Part 26A English restructuring plans
In the recent decision of Re C-Retail Ltd, the English High Court ordered the disclosure of documents to assist a creditor to decide whether to support or oppose a Part 26A restructuring plan.
30 May 2024
Application for sanction of a scheme of arrangement - Responsibility of legal representatives
In the recent Hong Kong case of In the Matter of Sino Oil and Gas Holdings Ltd, Madam Justice Chan of the Hong Kong High Court handed down a judgment, refusing to sanction a scheme of arrangement that was approved at a scheme meeting held in December 2023.
08 May 2024
I’m Still Standing: New York court confirms BFAM may pursue Glory Health for US$200m in missed note payments
A recent decision the Supreme Court of the State of New York has determined that the beneficial owners of bonds have standing to bring claims against the bond issuer and guarantors.
28 Mar 2024
Restructuring Review 2024 – British Virgin Islands
There continues to be an upward trend in the use of schemes of arrangement, with or without the relevant company being in provisional liquidations, as a restructuring tool, particularly in relation to China-related…
07 Dec 2023
ESG in Restructuring
The BVI Business Companies Act 2004 (BVI BCA) provides the statutory framework for a BVI company to undertake a restructuring. Download the PDF to read the full chapter, published originally by INSOL.…
13 Sep 2023
Six key requirements to sanction a Cayman Islands scheme of arrangement
In the recent decision of Jiangnan Group Limited, the Cayman Islands Grand Court analyszes the requirements required for sanction of a scheme of arrangement with members and/or creditors and endorses the relevant principles previously set out in Bestway Global Inc.
09 Jun 2023
Two recent Grand Court decisions confirm the governing principles on interim payments
These cases demonstrate the court has a pro-creditor approach to interim payments. Accordingly, the court will usually award an interim payment unless there is a “good reason” for not doing so.
12 Apr 2023
Guide on conducting an out-of-court workout in Asia
The guide identifies nine high-level principles that create the underpinning philosophical framework for a successful out of court workout in Asia, as well as 11 practice tips that guide readers along the journey o…
04 Apr 2023
Winding up a company in Bermuda – creditors to the rescue?
In re US Holdings Ltd (the Company), Chief Justice Hargun in the Supreme Court of Bermuda faced novel issues arising out of a winding up petition filed by a creditor based on a deemed insolvency of the Company coupled with an application to appoint “light touch” provisional liquidators (JPLs) for restructuring purposes.
30 Mar 2023
A guide to the Cayman Islands insolvency reform: Restructuring officer and refined scheme of arrangement
In a highly welcomed modernisation, the Cayman Islands Government has introduced the Companies Amendment …
18 Jan 2023