We're proud to have successfully represented Oriente Group Limited in the very first petition in the Cayman Islands seeking the appointment of restructuring officers. Legislative reform introduced in August 2022 has provided an important new regime to enable companies to pursue successful turnarounds with the support of experienced restructuring experts.
"The ruling is believed to be the first exercise of new powers introduced via amendments to the Cayman’s Companies Act last year, which became effective at the end of August. The amendments introduce a new automatic stay on unsecured creditor actions and allow debtors to appoint new ROs without having to file a winding up petition, which was the case when a company wanted to restructure under the previous regime."
