On August 31, 2022, Part V of the Cayman Islands Companies Act (the “Companies Act”) was amended to introduce the new role of a court-appointed “Restructuring Officer” and a dedicated “Restructuring Petition” (the “RO Regime”). The RO Regime was largely intended to replace the pre-existing restructuring framework by way of ‘light touch’ provisional liquidation (the “PL Regime”). The pre-existing PL Regime for restructuring was replaced with a broad and flexible discretionary test. Under the revised framework, pursuant to section 104(3) of the Companies Act, the Court may appoint joint provisional liquidators (JPLs) upon an application by a company “if it considers it appropriate to do so”.
However,…
