Latest Report

Download a PDF version of the latest Snapshot Petitions report below.

Winding Up Petitions – The Offshore Picture

In total, across the six offshore jurisdictions reviewed, there were 296 compulsory winding up petitions filed during 2017, and 135 winding up orders were made.

Numerous complex restructuring negotiations were also underway during the year with major cross-border restructurings of oil and gas service providers in Cayman, British Virgin Islands (BVI) and Bermuda.

Bermuda and Guernsey showed steady levels of activity in line with previous years while numbers fell in Cayman and the Isle of Man. However, Mauritius and the BVI saw a notable increase in filings. This is despite the fact that in September 2017, the BVI was hit by category four and five hurricanes Irma and Maria which caused considerable devastation. The BVI Commercial Court temporarily relocated to St Lucia and impressively got back on its feet quickly in order to support the international financial services business of the BVI.

Rates of Conversion

In 2017, two out of every three company petitions were approved by the courts. Bermuda, BVI and Cayman have all seen a sharp rise, with only about half of all their petitions converting in 2016.

Speed of Conversion

Once a petition has been filed, there is usually a legal requirement to advertise in the local press, followed by one or more court hearings before an order may be forthcoming. During 2017, the lag was eight weeks on average. This was a week longer than the previous year, and perhaps a reflection of the increased levels of activity seen in the courts.

2017 in numbers

2017 Snapshot Petition Report infographic

Share
Twitter LinkedIn Email Save as PDF
More Publications
12 Mar 2021

Material adverse change clauses in light of the Covid-19 pandemic

Experts from each of our key global offices provide jurisdiction specific advice and answer question...

8 Mar 2021

Appleby Celebrates International Women’s Day

International Women’s Day is celebrated annually in support of gender equality and equal participa...

30 Oct 2020

When Worlds Collide – How COVID is Connecting Technology with Natural Resources

Dating back to the beginning of 2020, the natural resources sector has been extremely active at both...

Contributors: Peter Colegate
21 Sep 2020

The role of Private Equity in economic recovery from Covid-19

Against this gloomy backdrop, we expect private equity firms and their investors to play a key role ...

4 Sep 2020

Safe havens: Temporary relocation and residency by investment in Appleby’s jurisdictions

In this article, we examine how the digital nomad culture is evolving in our jurisdictions.

21 Aug 2020

Investment Funds and ESG Investing – the Appleby perspective

In this article, we examine these trends from the perspective of our Appleby offices around the worl...

18 Sep 2019

Offshore listing Vehicles to benefit from the Shanghai - London stock connect

Offshore listing Vehicles to benefit from the Shanghai - London stock connect