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Rupert Bell and Niall Hanna 26 May 2023 Credit: iStock.com/JodiJacobson Walkers’ partners Rupert Bell and Niall Hanna run through the very first use of the new Cayman restructuring officer regime in conjunction with foreign proceedings, in the case of Rockley Photonics Holdings. To read more Subscribe to Global Restructuring Review Register for limited access Register to receive our newsletter and gain limited access to subscriber content.
The much-anticipated and welcome reforms to the Cayman Islands restructuring and insolvency legislation will come into force on 31 August 2022. These important amendments to Part V of the Cayman Islands Companies Act ("Companies Act") will introduce a new restructuring officer regime available to companies in financial distress, which can be accessed without the need to present a winding up petition to the Grand Court of the Cayman Islands (the "Cayman Court").
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