Recovery and insolvency practitioners in the Cayman Islands have launched the Cayman Chapter of INSOL, the International Association of Restructuring, Insolvency & Bankruptcy Professionals.
Chairman Michael Pearson presented the objectives of the Recovery and Insolvency Specialists (Cayman) Association Ltd during a launch event at the Westin Casurina on Wednesday, 28 March.
The organisation has already attracted more than 100 members from the legal, insolvency and fiduciary sector and will focus on promoting technical and commercial best practice through event-based education and networking, as well as on enhancing the profile, reputation and capabilities of the Cayman Islands as a jurisdiction.
The affiliation with INSOL joins the local chapter with more than 9,000 members in 45 countries worldwide.
The response to the launch of the Cayman Chapter of INSOL was overwhelming both in terms of new members and corporate sponsors, Mr Pearson said.
The main focus of the organisation will be on education. “Education is the overarching theme and ethos of INSOL,” Mr. Pearson said.
The promotion of education by the Cayman Chapter may include a basic certificate of proficiency in Cayman Islands legislation and insolvency and a longer term generation of Statements of Insolvency Practice. In addition, INSOL International already offers a fellowship programme consisting of a rigorous Global Insolvency Practice Course, an advanced educational qualification focusing on international insolvency.
Mr. Pearson proposed the association should further host technical update events, including legal and regulatory updates, judiciary panels and panels addressing technical and commercial issues on a regular basis.
He also suggested a one-day INSOL conference in the Cayman Islands, which was first organised in 2009 by Simon Whicker, for late 2012 or early 2013.
In addition, it may be worth exploring the idea of “taking the Cayman message to financial centres in New York or London” via road shows, Mr. Pearson said.
The Cayman Chapter of INSOL will form three committees on education, events and legal and regulatory issues with a view to harnessing member views and coordinating responses on emerging legal and regulatory issues together with other industry bodies and the Law Society.
Corporate sponsors of INSOL’s Cayman Chapter include Deloitte, Krys Global, Grant Thornton, Ernst & Young, Campbells, Soloman Harris, Harneys, Rawlinson & Hunter, Walkers, Mourant, Maples and Calder and Conyers Dill & Pearman.