Walkers Legal Internship Programme nurtures future talent

Walkers is delighted to announce that its Legal Internship Programme ran for three weeks, from 17 July to 4 August.  Hosting 10 students this summer, the programme was designed to provide these aspiring legal professionals with an opportunity to gain hands-on experience in a leading global law firm.

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Jan Golaszewski joins Walkers team in London as Insolvency & Dispute Resolution partner

Leading offshore Insolvency & Dispute Resolution lawyer Jan Golaszewski has joined Walkers team in London in a lateral partner hire from another offshore law firm in the City.

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What can we learn from recent enforcement actions in the Cayman Islands?

Walkers' regulatory partners Lucy Frew and Ian Mason consider the learning points for financial services providers (FSPs) from recent enforcement actions by Cayman regulatory bodies.

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Walkers announces 29 senior legal and professional services promotions

Walkers, the international financial services firm, is boosting its legal and professional services teams with 28 senior promotions effective from 1 July.

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CIMA Notice – AML Survey

In a notice on 19 August 2022 (the "Notice"), the Cayman Islands Monetary Authority (“CIMA”) advised financial service providers that it will soon be conducting one of its periodic anti-money laundering surveys. CIMA has created a new single form, the AML Survey. This new form will combine the AML Inherent Risk, the AML Risk Controls and the Cash Flow Return forms. CIMA regulated entities in the sectors listed below should note the survey issue and due date applicable to their sector.

The AML Survey and related guidance notes will be available in advance of the below upcoming survey dates. For further details, please refer to the Notice.


Survey Issue Date

Survey Due Date

Securities: Full, Restricted, and Registered Persons

12 September 2022

7 October 2022

Virtual Asset Service Providers

12 September 2022

7 October 2022

Insurance RFB Self Declaration: Class A, Class B, Class C, Agents, and Brokers

19 September 2022

30 September 2022

Fiduciary: Trust, Company Manager, Corporate Service Providers

19 September 2022

14 October 2022

Banking: Class A, Class B, Building Societies, Credit Union, Development Bank and Money Services Businesses

26 September 2022

21 October 2022

Investments: Mutual Fund Administrators

26 September 2022

21 October 2022

CIMA issues the AML Survey to assist it in the exercise of its functions, including the collection of data in relation to prevention of money laundering, terrorist financing, proliferation financing and sanctions data in order to conduct sectoral risk assessments and other related research for the Cayman Islands.

Central Bank Publishes Outsourcing Register - Submission Requirements

The Central Bank of Ireland has published guidance notes and submission templates on the new outsourcing registers that regulated financial services providers are expected to establish and maintain.

For any entities that are required to submit registry information to the Central Bank, details of outsourcing arrangements in place as of 31 December 2021 must be submitted via the online reporting system by close of business on 7 October 2022.

The latest advisory from Walkers' Asset Management & Investment Funds Group explains the scope of the rules, reviews the guidance notes, and sets out the key deadlines.

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Judgment on Declaratory Relief in Cayman Islands Insolvent Liquidation Proceedings

A recent decision of Kawaley J sitting in the Grand Court of the Cayman Islands (the “Grand Court”) has provided helpful clarification on what he described as a “legally significant” and “important jurisdictional point”. The question was one of the Grand Court’s jurisdiction to grant declaratory relief in official liquidation proceedings in circumstances where there is no express provision in the Companies Act (as amended) (the “Companies Act”) or the Companies Winding Up Rules (as amended) (the “CWR”) giving the Grand Court jurisdiction to make declarations in insolvent liquidation proceedings. Kawaley J held that it does have the jurisdiction to do so whether that be pursuant to the Grand Court Act, impliedly under the Companies Act jurisdiction to control the exercise of a liquidator’s powers, pursuant to its inherent jurisdiction to fill a lacuna in the existing procedural framework, or to make good its own prior order in the liquidation proceedings.


The Cayman Islands parent company (the “Company”) has subsidiaries incorporated across the globe. It was initially placed into provisional liquidation in order to effect a restructuring which later continued on an insolvent basis when the Company was placed into official liquidation and joint official liquidators (“JOLs”) were appointed. This decision arose because the JOLs required their powers in the official liquidation to be formally confirmed by the Grand Court in order to obtain regulatory approval in a jurisdiction which is unfamiliar with Cayman Islands insolvency law to make good a commercial agreement connected to a disposition of the Company’s assets.


Click to view advisory

Introduction of the New Cayman Islands Restructuring Officer Regime

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").  Upon filing the application seeking the appointment of restructuring officers, companies will be able to obtain an immediate and standalone restructuring moratorium on unsecured creditor action which will have extraterritorial effect (as a matter of Cayman Islands law), within which a restructuring may be proposed and implemented.

The key features of the new restructuring regime will be as follows:

  • Companies may present a petition to the Cayman Court seeking the appointment of a restructuring officer on the grounds that: (i) the company is or is likely to become unable to pay its debts; and (ii) intends to present a compromise or arrangement to its creditors (or classes thereof) either, pursuant to the Companies Act (such as by way of a Cayman Islands scheme of arrangement), a foreign law or by way of a consensual restructuring.
  • The petition seeking the appointment of a restructuring officer may be presented by the directors of a company: (i) without a shareholder resolution and/or an express power to present a petition in its articles of association; and (ii) without the need to file a winding up petition as a prerequisite.
  • A standalone restructuring moratorium on unsecured creditor action will automatically arise on filing the application seeking the appointment of restructuring officers, which will have exterritorial effect, as a matter of Cayman Islands law (previously, the moratorium only took effect upon the appointment of provisional liquidators rather than filing the application).
  • Cayman Islands schemes of arrangement may now potentially be able to compromise English law-governed debt, thereby expanding the scope of the applicability of the Cayman Islands restructuring regime to more debt restructuring situations.
  • Secured creditors with security over the whole or part of the assets of the company will remain entitled to enforce their security without the leave of the Cayman Court and without reference to any restructuring officer.

Another important legislative reform is the removal of the “majority in number” or “head-count” test for shareholder schemes of arrangement such that only the “majority in value” test must be satisfied to approve a proposed shareholder scheme of arrangement at the relevant meeting(s).

Further details on the new restructuring officer regime and other amendments to the Companies Act can be found here:

Grand Court warns investment managers that indemnity costs will loom large should they contest the identity of official liquidators in solvent liquidations


In a recent decision of the Grand Court of the Cayman Islands (the "Court") concerning a supervision order in respect of a Cayman company in voluntary liquidation, Kawaley J considered the settled principles in a solvent Cayman Islands liquidation involving a dispute as to the identity of the official liquidators to be appointed.

The Proceeding

In the Matter of Sciens Alternative Assets Recovery Fund II (in Voluntary Liquidation) (the “Fund”) [FSD 103 of 2022 (IKJ)], the incumbent voluntary liquidator presented a petition seeking orders to bring the voluntary liquidation of the Fund under supervision of the Court, and for the appointment of the incumbent voluntary liquidator as official liquidator of the Fund. It was common ground amongst the parties that a supervision order should be made. The dispute arose as to the identity of the official liquidator, with the critical question arising being which party’s interest should be afforded more weight: the management shareholder (seeking the appointment of the incumbent voluntary liquidator) or the majority economic shareholder in the Fund (seeking the appointment of David Griffin and Andrew Morrison of FTI Consulting (Cayman) Ltd (the “FTI Nominees”)).


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