Walkers is internationally recognised as having the premier Insolvency and Corporate Recovery Group in the Cayman Islands. Comprising solicitors and barristers drawn largely from the leading City of London law firms and the UK bars, the team regularly advises companies, their directors and insolvency practitioners, both in the Cayman Islands and overseas, on corporate recovery and insolvency issues.
We have played a leading role in the development of insolvency law in the Cayman Islands and more recently in developing techniques to assist distressed companies to refinance and/or restructure themselves. We regularly advise companies and insolvency practitioners on the use of schemes of arrangement to effect the refinancing and/or reconstruction of a company's affairs. The advice is often given in the context of parallel reorganisation procedures in other jurisdictions, such as plans for reorganisation under Chapter 11 of the U.S. Bankruptcy Code or parallel schemes of arrangement in other English-based common law jurisdictions.
Our practice also includes corporate winding-up (liquidation) on various grounds, including "just and equitable" winding-up of different types of entities such as banks, insurance companies, investment funds and dissolution of partnerships; appointment and removal of liquidators, receivers and controllers; matters concerning liquidators, receivers and controllers rights and duties; cross-border and international insolvency; securing corporate assets and the full range of claims by and against liquidators, controllers, receivers and provisional liquidators.
We also have considerable expertise and experience in advising on distressed collective investment vehicles from the standpoints of the fund itself, its directors, its investors or its service providers.
Recent insolvency and corporate recovery cases in which Walkers has been involved include:
- Enron (US and Cayman)
- Fruit of the Loom (US and Cayman)
- Long-Term Capital Group (US and Cayman)
- Banco Economico SA (Brazil, US and Cayman)
- Guangdong Enterprises (Hong Kong, China and Cayman)
- ICO Global Communications (US, UK, Bermuda and Cayman)
- Drax Holdings Ltd (Cayman, UK and Jersey)
- Parmalat (Cayman, US and Italy)
- Bayou Fund (Cayman and US)
- Philadelphia Alternative Asset Fund (Cayman and US)
- Beacon Hill (Cayman and US)
- Basis Funds (Cayman and US)
- Bear Stearns High-Grade Structured Credit Strategies Master Fund, Ltd (Cayman and US)
- Polestar (Cayman and UK)
- East Cameron Gas (Cayman and US)
- Apex Silver Mines Ltd (Cayman and US)
- PetroProd Ltd (Cayman, Norway and Singapore)
- Saad Investments (Cayman and Saudi Arabia)