The Grand Court has recently provided helpful clarification as to the appropriate test to be applied when a dispute arises over the identity of the insolvency practitioners proposed to be appointed by a creditor or the company. In Global Fidelity Bank Ltd (in Voluntary Liquidation), the Court confirmed the 3-stage test for determining independence and that in applying the test, significant weight should be afforded to the views of the creditors.
Read Full Story: https://www.thelawyer.com/knowledge-bank/white-paper/cayman-islands-grand-court-confirms-test-for-liquidator-independence/
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