Chief Justice speaks on the universality of Cayman’s Insolvency Law
Chief Justice Anthony Smellie addressed some 250 judges and insolvency professionals from around the globe at a conference in Singapore in March. The paper he presented is now available to the general public, having been placed on the judicial website earlier this month.
The conference was organized by Insol International, a world-wide federation of national associations for accountants, lawyers and other insolvency professionals who specialise in corporate turnaround and insolvency.
The purpose of Cayman’s representation at the conference, said the Chief Justice, was to send a clear message that Cayman’s Courts recognise and adhere to international standards for resolving cross-border insolvency problems and that the Courts will give the necessary cooperation in ensuring that the principles that should govern international insolvencies are applied.
“My aim was to explain to conference participants that our courts adhere to international best practices and that there should be complete confidence in our processes,” the Chief Justice said, adding that this also helps to ensure that Cayman’s Courts and court-appointed officials will in turn receive full cooperation from other jurisdictions.
The Chief Justice presented during a seminar, which, though open to other insolvency professionals, was aimed primarily at judges “from many other countries, including many of the jurisdictions with which our courts must relate when dealing with international insolvencies,” Justice Smellie explained.
The seminar was a prelude to the week-long insolvency conference aimed at ensuring that there are common practices within cooperating jurisdictions and common understandings among related professionals. The overall goal is to maximize returns to creditors and investors involved with entities which must be reorganized or liquidated.
These activities form part of a wider programme of continuing education offered by Insol, which is an accrediting body for insolvency professionals from around the globe. The full conference was attended by some 600 judges and insolvency professionals.
Moderating the Chief Justice’s panel was a past president of Insol, Mr. Neil Cooper. Other panellists presenting with the Chief Justice were Justice Alasdair Norris, of the English High Court; Justice James Peck, of the US Bankruptcy Court, of the Southern District of New York (where many US-based insolvency matters are heard), and Justice Jonathan Harris, of the High Court of Hong Kong.
A formal paper developed by the Chief Justice from his presentation notes was circulated among conference attendees by Insol International.
For the text of the Chief Justice’s paper, go to www.caymanjudicial-legalinfo.ky/publications.
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