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Maintaining The Status Quo: How To Ensure Business Continuity When Presented With A Winding Up Petition In The Cayman Islands
Walkers are most popular: within Criminal Law topic(s) in North America A recent judgment of the Grand Court of the Cayman Islands has reiterated the principles that the Cayman Islands Courts will consider in determining whether to grant a validation order in the context of winding up proceedings in the Cayman Islands.
Grand Court Clarifies Requirements For Leave To Proceed With A Counterclaim Against A Company In Official Liquidation
Key takeaways The Grand Court has clarified that, where a company in official liquidation commences proceedings claiming that it holds certain rights, in order for the defendant to proceed with a counterclaim asserting that it is the true holder of the same rights, leave under section 97 of the Companies Act (2023 Revision) is required.1 Further, the Grand Court has confirmed that such leave may be sought retrospectively.
Grand Court clarifies requirements for leave to proceed with a counterclaim against a company in official liquidation | JD Supra
Key takeaways The Grand Court has clarified that, where a company in official liquidation commences proceedings claiming that it holds certain rights, in order for the defendant to proceed with a counterclaim asserting that it is the true holder of the same rights, leave under section 97 of the Companies Act (2023 Revision) is required.1 Further, the Grand Court has confirmed that such leave may be sought retrospectively. Thinking of bringing a counterclaim against a company in liquidation?
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