This was among the findings of the firm’s Snapshot: Review of 2016 Offshore Petition Filings & Court Orders, which examines company petition filings and the resulting court orders in Bermuda, the British Virgin Islands, Cayman Islands, Guernsey, the Isle of Man and Mauritius.

“Although the number of petitions was down in 2016, numerous complex restructuring negotiations were underway during the year – particularly in the oil and gas sector – without having reached the point of petition filing,” said Tony Heaver-Wren, a dispute resolution partner in Appleby’s Cayman office.

“The general fall in petition filings in offshore jurisdictions recorded in 2016 to some degree reflects this movement toward restructuring over the course of the year and is expected to be reflected in the 2017 petitions profile.”

Some of the lowest numbers of filings occurred in the BVI and the Isle of Man where alternative processes to petitions exist for creditors or shareholders, while Mauritius returned a disproportionately high number of filings, fuelled by a significantly larger population and domestic economy.

The report examined notices published across four categories: compulsory winding up filings, conversion of voluntary liquidation to court supervised liquidation, schemes of arrangement and capital reduction.

A total of 184 compulsory winding up petitions were filed during 2016, with 79 winding up orders made. The conversion rates of winding up petitions into orders fell across the offshore jurisdictions, as more companies were able to successfully oppose petitions or reach consensual resolution.

For more information, please contact Lynne Capie.

Download Report

Key Contacts

Mark Holligon

Managing Partner: Isle of Man

T +44 (0)1624 647 691
E Email Mark

John Wasty

Partner, Head of Dispute Resolution: Bermuda

T +1 441 298 3232
E Email John

Tony Heaver-Wren

Partner, Practice Group Head: Cayman Islands

T +1 345 814 2732
E Email Tony

Fraser Robertson

Partner: Jersey

T +44 (0)1534 818 032
E Email Fraser

Eliot Simpson

Partner: Hong Kong, Shanghai

T +852 2905 5765
E Email Eliot

Anthony Williams

Partner: Guernsey

T +44 (0)1481 755 622
E Email Anthony

Andrew Willins

Partner: BVI

T +1 284 393 5323
E Email Andrew

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