Government measures in key jurisdictions 5th edition - Flipbook - Page 32
Cayman Islands
Insolvency
•
Has the
government made
any changes
•
to insolvency
legislation?
Contractual
Issues
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.
•
No laws have been amended.
Have any changes •
been made to
the laws around
property, rent and
enforcement?
Litigation
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.
•
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 unprecedentedtimes.
Are the courts
operating?
32
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.
•
What measures
have been taken
to reinforce
contracts?
Property
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 Cayman Islands Parliament.
Government measures in key jurisdictions
