Government measures in key jurisdictions 3rd edition final - Flipbook - Page 33
Cayman Islands
Insolvency
•
Has the government
made any changes
•
to insolvency
legislation?
Contractual
Issues
Not yet. However, a draft bill to amend the Companies Law with the introduction of a
dedicated restructuring regime and restructuring officer, is currently in circulation for industry
consultation. This has not yet been passed by the legislative assembly.
The introduction of a dedicated restructuring regime in the Cayman Islands has been in the
pipeline for some time and is not a direct result of the Covid-19pandemic.
•
We are not aware of any intervention into the workings of contracts governed by Cayman
Islands law and the normal rules apply.
•
The majority of commercial contracts under Cayman law will have force majeure clauses
providing for situations when a party may terminate the contract and/or be excused for failure
or delay in complying with the terms of the contract due to a specified event. The contract will
usually list force majeure events. The question of whether Covid-19 as a pandemic is a force
majeure event will depend on the drafting of the clause in each case.
Property
•
No laws have been amended.
Have any changes
been made to
the laws around
property, rent and
enforcement?
•
The Cayman Islands Government is urging landlords to be flexible with tenants. As detailed
above, most Cayman banks have also offered mortgage relief as a result of the pandemic.
Litigation
•
Yes, the Cayman Courts and Judicial Administration remain fully operational. Measures and practice
directions have been put in place to ensure the continued administration of justice while protecting
the health and safety of the court employees and other court users, including provision for
electronic filing and remote hearings via video conferencing technology.
•
See our legal update Litigating in the Cayman Islands during these unprecedented times.
What measures
have been taken
to reinforce
contracts?
Are the courts
operating?
Government measures in key jurisdictions
33