Creditors Winding-Up Orders Encouraged in the Cayman Islands

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The Cayman Islands’ Grand Court has released a statement confirming that a when applying for a winding-up order by a petitioning creditor who ineffectively argues for an immediate wind-up order, he should not be penalised with the fees unless he acted unlawfully.

The Cayman court set a precedent in the Abraaj Holdings case to depart from the usual stance that the loser of the case pays the fees; as it doesn’t want to deter any petitioning creditors from speaking out and expressing legitimate statements in a court of law.