Late last year, the Grand Court of the Cayman Islands dismissed a winding up petition presented by the directors of China Shanshui Cement Group on the ground that they had no standing to present it. David Butler, partner at Harneys in the Cayman Islands, considers the options for restructuring in the absence of shareholder support.

While the judgment in Re China Shanshui Cement Group (2015) is plainly right as a matter of law, the decision reinstates what may in some cases amount to a significant roadblock in the way of the restructuring efforts of Cayman Islands companies which are in financial distress.

This article reviews the decisionand the earlier Grand Court decision in Re Chin…