Jeremy Snead, Anna Snead, and Paul Goss, of Ogier, have made available for download their article “Snapshot: implementing Cayman Islands charging orders in aid of enforcing foreign arbitral awards”, published on Lexology. The article begins as follows:
In the recent decision Top Jet Enterprises Limited v Sino Jet Holding Limited (unreported, 3 August 2021), Justice Segal provided welcome clarification of the grounds on which the Cayman Islands Grand Court will grant an order for sale of shares in a Cayman Islands company secured by way of a charging order absolute in support of the enforcement of a foreign arbitral award.
Whilst most practitioners will be aware that it is relatively quick and straightforward to enforce foreign arbitral awards in the Cayman Islands, they may not necessarily be aware of the breadth of options available to judgment creditors. Further, charging orders are sometimes perceived as a less favourable enforcement option on the basis that they are considered an indirect and slow method of enforcement as a charging order does not in itself realise funds to satisfy a judgment debt. This decision provides a timely reminder of the willingness of the Cayman Islands courts to assist with the recovery of judgment debts and highlights that a charging order can be used as an effective remedy to support the enforcement of arbitral awards within the Cayman Islands.
Click here to see the full article: “Snapshot: implementing Cayman Islands charging orders in aid of enforcing foreign arbitral awards”
Posted by Marin Larkin, Associate Editor, Wealth Strategies Journal.