Legislative reforms to Part V of the Cayman Islands Companies Act will shortly be coming into force which will, amongst other things, introduce a new restructuring officer regime available to certain debtors in financial distress. This new tool in the Cayman Islands’ restructuring arsenal will provide debtors with a global moratorium which will automatically arise upon the filing of the application seeking the appointment of restructuring officers (without the need for any Court hearing) within which a restructuring may be proposed and implemented by way of a Cayman Islands scheme of arrangement, a restructuring process in a foreign jurisdiction or consensually with all stakeholders.

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Article first published in the International Insolvency & Restructuring Report 2022/23.