Walkers Leads Landmark Defence of Mega-Litigation

Ahmad Hamad Algosaibi Brothers Company (AHAB) v. Saad Investments Company Limited (In Official Liquidation) (SICL) and Others, a case in which claims and counterclaims at their height amounted to over US$17 billion.

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Walkers Leads Offshore

This year Walkers received 10 Band 1 practice rankings in the Chambers and Partners Global Guide, more than any other offshore law firm.

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Walkers Acts on $1B Asia Deal

Walkers BVI and Cayman advised Didi Chuxing on its highly-publicised US$1 billion acquisition of 99 Taxis.

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Brexit

Following the result in the United Kingdom's EU referendum, Walkers has created a Brexit page dedicated to providing our clients relevant information about the jurisdictions in which we practise.

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Walkers Asset Recovery

Fifteen Walkers lawyers were recognised in the 2017 Who's Who Legal Asset Recovery guide. This is more than any other global law firm worldwide.

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Walkers Wins HFM Week Award

Walkers has been awarded the Best Offshore Law Firm Award for Client Service at the HFM Week US Hedge Fund Services Awards 2017.

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Walkers is a leading international law firm. We advise on the laws of Bermuda*, the British Virgin Islands, the Cayman Islands, Guernsey, Ireland and Jersey.
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Powerwomen 200

Walkers in IFC Powerwomen Top 200

Six Walkers lawyers have been ranked in the 2017 edition of CityWealth's IFC Powerwomen Top 200.

 

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New Courts and Land and Conveyancing Law Reform Bill Announced for Ireland

On 29 May 2018 the Minister for Justice and Equality announced that a new Courts and Land and Conveyancing Law Reform Bill (the “Bill”) will be drafted increasing protections for mortgagors facing repossession proceedings. The Bill has its origins in the Keeping Persons in their Homes Bill (previously introduced as a Private Member’s Bill in 2017) and proposes amending the Land and Conveyancing Law Reform Act 2013 to include provisions for persons facing repossession who cannot avail of an insolvency remedy under the Personal Insolvency Act 2012.

The Minister’s press release states that the Bill would require the court, when considering an application for a possession order in such cases, to have regard to the following factors:

  • “the overall proportionality of the application for a repossession order;
  • the circumstances of those resident in the property;
  • the details of, and responses to, any proposals put forward by either party which would enable the borrower to remain in the property, including participation in a Government scheme for distressed mortgage holders (for example, the Mortgage to Rent Scheme or the Abhaile scheme); and
  • where the mortgagee is not the original mortgagee that granted the loan or mortgage to the mortgagor, the amount paid for the purchase
    of the loan or mortgage by reference to the amount of debt outstanding in respect of the loan or mortgage.”

 

Click to view advisory

Important Reminder: Beneficial Ownership Deadline

Further to our previous advisories on this topic, the Cayman Islands beneficial ownership regime is in force and steps need to be taken by all companies and limited liability companies.

The regime mandates that all Cayman Islands companies and limited liability companies must establish and maintain a non-public register of beneficial owners, unless they fall within an exemption.

Exempt companies and limited liability companies are required to provide their corporate services provider with written confirmation of the applicable exemption.

Failure to comply by 30 June 2018 may result in financial penalties against the company and its directors, as well as restrictions on the transfer of shares.

Where Walkers Corporate Limited is your registered office provider, and if you have not done so already, please reach out to either your usual Walkers contacts or This email address is being protected from spambots. You need JavaScript enabled to view it. to ensure that you are compliant with the regime.

For further detail relating to the beneficial ownership regime generally, please see our previous advisories dated 10 April 2017, 5 January 2018 and 8 March 2018.

A Welcome Stay in the Islands: Moratoriums in the Cayman Islands

Winston Churchill once said, “to improve is to change so to be perfect is to change often”. With that in mind and with many high profile cross-border restructurings, such as the recent Ocean Rig restructuring, taking advantage of the already sophisticated restructuring regime offered by the Cayman Islands, the jurisdiction is determined to remain at the forefront of cutting edge cross-border restructurings.

One hotly anticipated area of legislative reform is the proposed introduction of a court supervised restructuring moratorium. The proposed regime would allow a company to petition for the appointment of restructuring officers to obtain a stand-alone restructuring moratorium, separate from the winding up regime. Whilst the legislative draftsman considers the proposed amendments to bring in effect the new restructuring moratorium process, companies can continue to utilise the provisional liquidation process to obtain an automatic stay on claims under Cayman Islands law whilst implementing a debt restructuring.

This article, written by Neil Lupton, Fiona MacAdam and Jason Taylor, focuses on the current provisional liquidation regime in the Cayman Islands and how a moratorium can be obtained in a restructuring context.

 

Click to view article

This article first appeared in the International Insolvency & Restructuring Report 2018/19.

Updates in respect of Automatic Exchange of Information (“AEOI”) May 2018

The Cayman Islands Department for International Tax Cooperation (the “DITC”) has issued an Industry Advisory to update the relevant dates for reporting under the Foreign Account Tax Compliance Act (“FATCA”) and the Common Reporting Standard (“CRS”).

The statutory reporting deadline for CRS and FATCA remains 31 May 2018. However, completion of 2017 CRS and FATCA reporting on or before 31 July 2018 will not result in compliance measures being taken by the DITC for late filing and will not attract adverse consequences, enforcement measures or penalties.

Reports submitted after 31 July 2018 will be noted and may be subject to compliance reviews by the DITC.

The Cayman AEOI Portal will be taken offline on Friday 1 June 2018 at 12 noon Cayman Islands time. The DITC intends to reopen the AEOI Portal on 15 June 2018 and keep it open until 31 August 2018.

The DITC would like to remind all Cayman Financial Institutions that they must file a CRS Filing Declaration even if they have no Reportable Accounts.

At the Epicentre of the Funds Universe - and Staying There

Global Managing Partner Ingrid Pierce recently discussed Cayman Islands investment funds with Cayman Funds Magazine.

 

Introduction

"The Cayman Islands remains the heart of the offshore hedge funds world, and it is well positioned to remain there even in a future driven by technology including artificial intelligence, Ingrid Pierce, global managing partner at Walkers, tells Cayman Funds.
 
Despite challenges from industry conditions and rival jurisdictions, the Cayman Islands remains the epicentre of the offshore hedge funds world.

That is the view of Ingrid Pierce, global managing partner at Walkers, and it’s hard to disagree with the head of a major international law firm that is a recognised leader in these markets, with a presence in all of the most significant jurisdictions..."

 

Click to view article

 

The Cayman Islands has long been the first choice for locating, managing and servicing hedge funds.

Despite the global economic crisis and attempts to discredit it from abroad, Cayman remains emphatically open for business. Efforts continue to bring the Islands further in line with international standards, and the various tax agreements and international treaties that Cayman is signatory to bear that out.

Cayman Funds magazine aims to promote this message to the international funds community.

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