REPORT ON 2015 OFFSHORE COMPANY PETITION FILINGS & COURT ORDERS

applebyglobal.com

SNAPSHOT

Contents Executive Summary 2 Overview - The Global Picture 3Analysis of 2015 Filings by Jurisdiction Bermuda 5BVI 6Cayman Islands 7Mauritius 9Guernsey 9Isle of Man 10Jersey 11

applebyglobal.com

2

This Snapshot Report provides our annual overview of petition filings and resultant court orders in six offshore jurisdictions.

Throughout each year, we closely monitor company petition activity across our network of offices offshore in the following categories:

■ Compulsory winding up;■ Conversion of voluntary liquidation to court supervised liquidation;■ Schemes of arrangement; and■ Capital reduction.

The key findings that emerge from our full-year, multi-jurisdictional review and analysis for 2015 are outlined below and explored further over the following pages.

Number of Petition Filings

■ Total filings fell in all of the jurisdictions surveyed in 2015, with the exception of Cayman and Mauritius (the latter reflecting the relative size of the local economy and population);

■ The amount by which falling jurisdictions decreased was less significant than the margin by which petition filings increased in Cayman and Mauritius, so, across the six jurisdictions, overall, petition filings rose by 4%;

■ Cayman’s increase in 2015 petition filings was driven by a spike in insolvency petition filings, which rose 71% on the previous year.

Court Orders

■ The number of petition filings that converted into orders, essentially as sought, and referred to here as the ‘conversion rate’, was highest in the Isle of Man in 2015, where it stood at 100% (although this is in the context of the Isle of Man having the lowest number of filings of the six jurisdictions). It was lowest in Mauritius, at 13%, and elsewhere was broadly consistent at between 63% and 75%. Mauritius has a significant lag in reporting the announcement of court orders, so more 2015 orders are expected;

■ In 2015, of the surveyed jurisdictions, the Cayman Islands recorded the highest number of successful applications, with 52 orders out of 71 filings being made in respect of petitions filed in that year, across all categories, a conversion rate of 73%;

■ The number of Schemes of Arrangement ordered by the courts halved in Bermuda and Cayman in 2015;

■ Across the surveyed offshore jurisdictions, the average time between the date a petition is submitted and the date a court order is made is six weeks, with Bermuda the swiftest at just four weeks.

Our analysis in this report adds further context to these statistics and draws on our jurisdiction-specific expertise to detail the key drivers for the trends we have uncovered. Trends in filing and conversion rate statistics in each of the surveyed jurisdictions are also placed in a global context.

We trust that you find our analysis over the following pages useful. Please don’t hesitate to get in touch should you wish to discuss anything in more detail.

Tony Heaver-WrenPartner | Dispute Resolution | Cayman

EXECUTIVE SUMMARY

2

applebyglobal.com

Tony Heaver-WrenPartner | Dispute Resolution | Cayman

SNAPSHOT

applebyglobal.com

3

WINDING-UP PETITIONS

In total, across the six offshore jurisdictions analysed, there were 211 winding-up petitions filed during 2015, and 113 orders were made as a result. The number of filings was therefore slightly up on the 202 recorded in 2014, and the number of orders reported so far, down on the 120 we have identified from last year.

With the exception of the Cayman Islands and Mauritius, the volume of filings in 2015 represented a drop-off in the number of insolvency petition filings across most offshore jurisdictions, relative to the previous year. The Isle of Man, the British Virgin Islands (BVI) and Bermuda all saw a slight decrease in court filings, while the increase of 59% in Cayman, and 5% in Mauritius, led to an overall jump of 4% across the jurisdictions analysed.

OVERVIEW- THE GLOBAL PICTURE

3SNAPSHOT

WINDING UP PETITIONS TOTALS, 2015

2013

34,892

28,319

5,503

202

24,985

211

5,258

222

2014 2015

Placing the overall filings in the wider context of statistics for recent years, the broadly flat figures recorded for 2015 across the surveyed jurisdictions as a whole reflect a continuing levelling off in the number of filings since the high-point of 2013, and before that, the years immediately following the 2008 global financial crisis. In that wider context, to some degree the figures reflect positive changes in global macroeconomic conditions over the course of 2015, however as the insolvency petition filing statistics in the Cayman Islands (and early indications of 2016 filings) suggest, this overall trend of dwindling petition filings is not anticipated to continue.

WINDING UP PETITIONS#, 2008 - 2015

110

100

120

90

80

70

60

50

40

30

20

10

02008 2009 2010 2011 2012 2013 2014 2015

Key

Mauritius

BVI

Cayman

# Guernsey petitions are not reported

Bermuda

Isle of Man

Key

USA

England &

Wales

Offshore

The United Kingdom

In order to provide some context and comparison to our offshore numbers, we have also tracked petitions recorded in the United Kingdom. During 2014 – the latest year for which comprehensive figures are available – the Royal Courts of Justice for England & Wales recorded 5,503 filings and 2,942 orders, which calculates as a 53% conversion rate. In addition, the UK Insolvency Service publishes a more up to date total of all compulsory company liquidations across the whole of the UK (although not the number of petitions filed beforehand), and in 2015, there were 3,679 compulsory UK company liquidation orders, a 20% drop from 2014.

As a percentage of the company registry, insolvency petitions made up 0.29% of the UK registry in 2014. With the exception of Mauritius, this is considerably higher than any offshore jurisdiction, with most of them well below 0.10%. Partly this can be put down to the UK having a much larger population and the increased presence of active trading companies, as opposed to holding companies or companies used for tax efficient structuring. It is also true that the absence in most offshore jurisdictions of a government-funded official receiver often means that companies with no assets simply cease to be active and will be administratively struck from the register, rather than formally wound up.

The United States of America

The general downward trend in petition filings in the surveyed jurisdictions also reflected trends seen in the United States of America (USA) in 2015, where a double-digit drop was recorded in bankruptcy court petitions published by the Administrative Office of the US Courts. Business petitions fell 12% to 24,985 in 2015, part of a continuing downward trend, with the number of 2015 filings half the level of the annual total being reported just five years earlier.

applebyglobal.com

434

applebyglobal.com

SNAPSHOT

OVERVIEW- THE GLOBAL PICTURE cont’d

During 2015, the average time between the date a petition was submitted and the date a court order was made was six weeks.

Bermuda was the jurisdiction in which winding up orders were made the quickest, with an average of just four weeks to conversion, while the Isle of Man tended to take the longest, with an average response time of nine weeks.

The Cayman Islands produced by far the most court orders in 2015, with 52 as against second-ranked BVI, and still managed an average turnaround time of five weeks, placing it behind only Bermuda in terms of conversion time.

BERM

UD

ACAY

MAN

BVI

ISLE

OF

MAN

MAU

RITI

US

4 WEEKS

6 WEEKS

5 WEEKS

9 WEEKS

8 WEEKS

2015 AVERAGE SPEED OF CONVERSION

2015 CONVERSION RATE

SPEED OF CONVERSION

RATES OF CONVERSION

In reviewing all the different types of petitions in 2015 we witnessed something of a divergence in the conversion rate among offshore jurisdictions. In 2014, the majority of the surveyed offshore jurisdictions saw an average conversion rate of petitions filed to orders made of around 60%, but a year later the picture is more complex. In 2015, the conversion rate ranges from 100% in the Isle of Man, where a low base of just five filings all converted to orders in 2015, down to 13% in Mauritius, where 113 filings led to just 15 orders. The three other major offshore centres of Bermuda, the BVI and the Cayman Islands were more consistent in their conversion rates, all settling at around 70%.

Mauritius is clearly the biggest outlier, but late delivery of data in that jurisdiction is likely to be a factor. Using 2013 and 2014 as a guide, we can expect the conversion rate in Mauritius to be closer to one third following adjustment for this lag in reporting.

The BVI conversion rate came off its 2014 79% high, with a 63% conversation rate recorded in 2015.

75%

73%

63%

13%

100%

applebyglobal.com

5

5SNAPSHOT

ANALYSIS OF 2015 FILINGS BY JURISDICTION

BERMUDA

During the course of 2015, Bermuda witnessed 20 winding up petitions, which converted into 15 orders. The number of petitions was therefore down 13% compared to the 23 petitions recorded in 2014, though still up on the 18 filings seen in 2013. Last year Bermuda was the only jurisdiction to show an increase in petitions, when compared to 2013.

The conversion rate for Bermuda has significantly increased since 2013, with three out of four petitions converted in each of the last two years, as against a conversion rate of just 44% in 2013.

In 2015, the number of weeks between an initial application being submitted and a court order being made averaged at just four, making the jurisdiction the most efficient of those included in our survey when it comes to conversion times.

Schemes of Arrangement

In addition to winding up petitions, there were also three schemes of arrangement ordered by the Bermudian Court during the course of 2015, as compared to six that were ordered during 2014. All three schemes were solvent schemes of arrangement. In contrast to previous years when the scheme of arrangement process was used exclusively to re-domicile Bermuda companies to another jurisdiction, 2015 saw both inward and outward re-domestication of business.

2015 SCHEMES OF ARRANGEMENT, BERMUDA

Case Number Company

2015-287 PI Indemnity Company Limited

2015-165 Continental Gold Limited

2015-061 Proview International Holdings Limited

BERMUDA - IN OUR VIEW

In 2015 the Bermuda Supreme Court saw a moderate increase in fund-related filings and orders, largely attributable to the conclusion of legacy litigation commenced during the financial crisis. Otherwise, there was a downturn in orders made in respect of local companies, potentially attributable to a moderate stabilisation in local economic conditions. It is notable in this regard that the majority of petition filings that did not result in orders were made in respect of local companies. The trend of filings in relation to Hong Kong-listed Bermuda companies with assets in the People’s Republic of China continued but at a significantly reduced rate, with only a single such petition filed during the course of the year.

The conversion rate of filings to orders remained constant, with three quarters of filings resulting in an order. This is due to the fact the Court Registry typically assigns a first hearing date about four weeks after the initial filing (although this can be substantially reduced in special circumstances). If the petition is unopposed a winding up order is granted on the first hearing date unless an adjournment of the petition is granted to explore the viability of a scheme of arrangement. Accordingly, the continued high conversion rate may also be indicative of a higher number of uncontested petitions.

applebyglobal.com

6SNAPSHOT

ANALYSIS OF 2015 FILINGS BY JURISDICTION cont’d

BRITISH VIRGIN ISLANDS

In the BVI, the members of an insolvent company have the option to pass a resolution appointing an eligible insolvency practitioner as liquidator of the company and, indeed, some of the biggest liquidations seen in the BVI have been shareholder driven. In 2015, there were 22 appointments of liquidators to insolvent companies made without applications to the Court, using shareholder resolutions.

In 2014, Court liquidation filings nudged above 50 for the first time, but the most recent numbers for 2015 show that things have returned to the previous levels, as there were 46 appointments of liquidators during the course of the year. Of these 46 appointments last year, 24 were facilitated by order of the court, and 22 by shareholders resolution.

Most court orders followed about six weeks after the initial application to appoint a liquidator was announced, although a handful took longer.

In 2015, there were 38 recorded applications to appoint a liquidator, and of these, 14 progressed no further as the companies concerned were able to resolve their situations. The other 24 applications resulted in a court order and progressed to the compulsory winding up stage.

THE BVI - IN OUR VIEW

We have seen a drop in the number of winding-up petitions filed in the BVI, as well as a marginal drop in the conversion rate, but the numbers have remained mostly consistent with last year. That may be a surprise to many given the pressures in Asia. However we are fielding an increase in new enquiries relating to the restructuring of defaulted debt, so it will be interesting to see how the figures develop in 2016.

50

40

30

20

10

02008 2009 2010 2011 2012 2013 2014 2015

APPOINTMENTS OF A LIQUIDATOR, BVI

By court By Shareholders resolution

ApplicationSource of

Appointment

Initial Application (38)

No appointment (14)

Appointment made (24)

Appointment made without

application (22)

By court order (24)

By shareholder resolution (22)

LiquidatorAppointments

BVI - 2015 COMPULSORY LIQUIDATION APPLICATIONS & APPOINTMENTS

applebyglobal.com

7

70

60

50

40

30

20

10

02014 2015

SNAPSHOT

ANALYSIS OF 2015 FILINGS BY JURISDICTION cont’d

CAYMAN ISLANDS

In 2015, the Cayman Islands recorded 71 petition filings across all categories, converting into 52 orders.

Cayman petition filings rose by 22% in 2015. The 71 filings in Cayman last year compared to 58 filings in 2014 and only 43 filings in 2008.

While the number of filings has increased year-on-year, the number of orders in 2015 is also up even more when compared to the previous year, moving from 34 in 2014 to 52 in 2015. As such, the conversion rate has risen from 62% in 2014 to 73% in 2015.

The time taken for an initial petition to reach a court order varied widely in Cayman, with some taking just a matter of weeks and others taking several months. On average, a court order followed five weeks after the petition.

Insolvency petitions

In the Cayman Islands, liquidations subject to the oversight of the Cayman Court may be initiated by two methods. The first of these is a winding up petition (a compulsory process initiated by creditors or shareholders of the company) and the second is by conversion of an out-of-court voluntary liquidation into a Court supervised liquidation, further to a petition seeking that conversion.

Insolvent companies frequently elect to enter a Cayman liquidation under the oversight and control of the Court through the two-step approach of appointment of a voluntary liquidator followed by a petition to convert the liquidation to bring it under the Court’s supervision. For the purposes of this report, petitions for conversion of a voluntary liquidation are included, with winding up petitions, in the category of ‘insolvency petitions’. It should also be noted that the count of Cayman insolvency petitions in this report includes petitions for the winding up of a company on just and equitable grounds (i.e. where the petitioner seeks to appoint liquidators on grounds other than the company being unable to pay its debts).

NUMBER OF FILINGS, CAYMAN, 2014 & 2015

Section 131 - Court Supervision

Section 86 - Scheme of Arrangement

Section 124 - Court Supervision

Section 15 - Reduction of Share Capital

Winding Up Petition

120

100

80

60

40

20

02008 2009 2010 2011 2012 2013 2014 2015

CAYMAN INSOLVENCY PETITIONS, 2008 - 2015

Annual total

Insolvency petitions

53

20

8

35

22

14

13

3

applebyglobal.com

8SNAPSHOT

ANALYSIS OF 2015 FILINGS BY JURISDICTION cont’d

CAYMAN ISLANDS – IN OUR VIEW

In the Cayman Islands, 2015 petition filings were dominated by a striking rise in the number of insolvency petition filings. The use of conversion of voluntary liquidations into Court supervised liquidations almost doubled in 2015 as the market continued to embrace the time and cost savings associated with that method of entry into liquidation. The increased use of segregated portfolio companies (SPCs) was also reflected in the filings, with six times as many petitions filed in respect of SPCs’ in 2015 than the previous year.

Chinese enterprises in the fisheries, forestry, construction and medical sectors featured heavily in the year’s filings, together with investments funds with US, European and Far East portfolios. There were some unusual inclusions in the year’s petition filings profile, including the filings in relation to the Caledonian Bank group of companies, being liquidations of a Cayman Bank that were precipitated by action taken by the US Securities and Exchange Commission that has since been widely criticised.

The number of schemes of arrangement halved in 2015 relative to the previous year and such arrangement petitions as were filed were principally member schemes rather than debt restructurings. Capital reductions also fell in 2015 to a similar extent, reflecting the annual drop in restructuring activity. It is highly likely that this 2015 trend will be significantly reversed during the course of 2016 as conditions for deployment of Cayman Islands debt restructurings ripen, given the distress in the Energy sector, the ongoing challenges facing the Chinese and Eurozone economies, and the continuing intersection of the Cayman Islands with these markets.

Schemes of arrangement

Over the last eight years we have seen a gradual decline in the number of schemes of arrangement entered into in Cayman, with the total of three in 2015, half the previous year’s total, and – with only one exception – the lowest since 2008. Schemes of arrangement hit a peak level in the Cayman Islands in 2010, where 15 were used, but have slowly reduced in number ever since, as liquidation remedies were pursued.

Insolvency orders

The 60 combined insolvency petitions of 2015 converted into 44 court orders. 16 petitions did not progress any further.

2015 SCHEMES OF ARRANGEMENT, CAYMAN

Cause Number Company

75-2015 CIC Resources Inc.

15-2015 Loch Lomond Members Golf Club Limited

125-2015 Dorsett Hospitality International Limited

CAYMAN COURT ORDERS 2015

Insolvency petitions cont’d

The percentage that these combined insolvency petitions made up of the total petitions filed in 2015 increased quite dramatically when compared to 2014. In 2013, Cayman insolvency petitions made up 71% of the annual total of petition filings. In 2014, insolvency petitions dropped off, and only comprised 67% of the total number of petitions filed in that year. But in 2015, we have seen an increase, with insolvency petitions accounting for 85% of all of the petitions filed in the year: of the 71 petition filings for the year, 60 were insolvency petitions. By way of comparison, the previous peak year of 2009 saw insolvency petitions making up 76% of the total.

Provisional Liquidation

Winding Up

Court Supervised

Liquidation

24

5

15

applebyglobal.com

9SNAPSHOT

ANALYSIS OF 2015 FILINGS BY JURISDICTION cont’d

GUERNSEY - IN OUR VIEW

The insolvency market in Guernsey remains relatively subdued. In terms of winding up orders, the majority of office holder appointments concern voluntary liquidations. This is largely tax driven. Restructuring work, including applications for administration orders, continues to feature in new instructions. Both the courts and insolvency practitioners continue to grapple with the legal and practical challenges that arise in the context of “insolvent trusts”.

Following an extensive review of Guernsey’s insolvency laws by the Commerce and Employment Department in conjunction with key stakeholders, the Department published its proposals and recommended key changes to the Island’s corporate insolvency laws in 2015.

GUERNSEY

Guernsey petitions are not publically available; it is only possible to capture the number of winding up orders for the jurisdiction. However, based on the figures we can see – namely winding up orders, registry size and population – the landscape in Guernsey appears to be very similar to that of Bermuda, therefore we would suggest that the numbers of petitions are also likely to be close to those seen in Bermuda.

Guernsey orders in 2015 were up on 2014, with six more recorded for the year, returning back to the level of 19 reported in 2013.

GUERNSEY COURT ORDERS ISSUED AND LIQUIDATORS APPOINTED, 2011 - 2015

2014

2013

2015

2012

20

14

19

5

MAURITIUS

To date, Mauritius has reported 113 petitions, converting into 15 orders for 2015. There is often a big lag in reporting conversions in the jurisdiction, however, with a considerable number of 2014’s petitions not showing up as orders until well into 2015. The 2015 rate is therefore likely to improve as more cases get updated, and at the moment shows just a handful or conversions, with the court order following on average about two months after the initial petition. However, even discounting the time lag, the conversion rate remains low, with just one in three converting in 2014 (similar to the year before).

The relatively large population of Mauritius means thatthere are correspondingly a higher number of active tradingcompanies, which is also likely to contribute to the highliquidation figure. However, in view of the delays, costs andthe possibility of the application being resisted by debtors,the creditors tend to reach settlements with debtors ratherthan insisting on court orders, thereby explaining the lowconversion rate.

MAURITIUS - IN OUR VIEW

The registry size of Mauritius increased from 19,837 in 2014 to 21,567 companies by 2015, 113 petition filings were recorded and 15 converted. While filings remained consistent with the previous years, the conversion rate dropped substantially; 13% in 2015 compared to 36% in 2014 and 32% in 2013.

The guidelines issued in 2014 for out of court restructuring and the standardising the process of registration, suspension and removal of insolvency practitioner had no quantitative effect on the number of filings. The drop in conversion rate is explained by the preference to settle and resort to orders only in cases of insolvency, due to the many hurdles of litigation in terms of cost and time lag, and especially with the excess liquidity in the banking system facilitating debt restructuring.

applebyglobal.com

10SNAPSHOT

ANALYSIS OF 2015 FILINGS BY JURISDICTION cont’d

ISLE OF MAN

The Isle of Man continues to see the lowest number of petitions and orders out of all the jurisdictions reviewed, even though its company registry is bigger than those of Bermuda, Guernsey or Mauritius. In 2015 the jurisdiction saw five petitions, converting into five orders. This was one fewer petition than in 2014, when seven petitions converting to six orders were reported. Time to court conversion in 2015 averaged nine weeks, making it the slowest jurisdiction for conversion times in our sample.

In 2015, the Isle of Man witnessed a 100% conversion rate, but the number of Manx companies that are wound up by the court remains extremely small against total registry numbers, which are substantial. The companies wound up by the Isle of Man Court in 2015 represented about 0.02% of the total registry.

An insolvent winding up may be an out of court process in the Isle of Man and this is a route that is commonly followed to save court costs. Such creditors voluntary winding ups are not included in the Isle of Man figures shown in this report and this is one of the reasons why the Isle of Man figures appear particularly low. The majority of Isle of Man companies are now incorporated under the highly flexible Companies Act 2006. Conversion from 1931 Act to 2006 Act is a relatively simple process that is commonly undertaken to provide access to this flexibility. Provided the 2006 Act company can meet a statutory solvency test, a reduction of share capital can take place without the need to make a Court application. For this reason, the shortage of Isle of Man capital reduction petitions is not surprising.

ISLE OF MAN - IN OUR VIEW

The Isle of Man does not have a state-funded official receiver. This means that unless a debtor company has recoverable assets from which to fund its liquidation, or the Financial Supervision Authority is prepared to fund a liquidation in the public interest, then often insolvent companies will simply cease trading and eventually be struck off the Register. Moreover, as the Isle of Man’s voluntary liquidation procedure is both user friendly, comparatively inexpensive and very similar in form to that used in the UK the vast majority of companies wound up in the Isle of Man do so voluntarily. The Isle of Man’s corporate law regime is also very attractive to secured creditors who in most cases will exercise their rights to appoint receivers out of Court, rather than go down the winding up route.

2015 COURT ORDERS, ISLE OF MAN

Case Number Company

CHP15/0076 UK Secured Finance Fund plc

CHP15/0090 Oakmore Property Limited

CHP15/0124 Dubai Wire Products Limited

CHP15/0123 Global Fasteners Limited

CHP15/0052 Petrodel Upstream Limited

applebyglobal.com

11SNAPSHOT

ANALYSIS OF 2015 FILINGS BY JURISDICTION cont’d

JERSEY

JERSEY’S INSOLVENCY REGIME

Jersey’s corporate insolvency regime is not Petition based. Rather, in principle one of the primary routes for corporate insolvency in Jersey is a désastre in accordance with the Bankruptcy (Désastre) (Jersey) Law 1990 – this is the equivalent to a court ordered compulsory winding up with the Viscount, in essence, performing the role of an official receiver. However, corporate insolvency in general and désastre proceedings in particular are relatively rare in Jersey in practice. There was one such désastre proceeding in 2015, 2014 and 2013 respectively, and three in 2012. A judgment debt is generally regarded as a necessary precursor to a désastre, but this is not an absolute requirement. Realisable assets are, however, generally required. The Viscount publishes a désastre list from which declarations of corporate désastre can easily be identified. Bankruptcy searches identifying désastre declarations and applications can also be easily obtained.

A creditors winding up is a more frequently used procedure, instigated by the insolvent company itself and leading to the appointment of a liquidator. The process is not court-driven but public notices are given in the Jersey Gazette and notice of this winding up procedure can also be obtained by company search.

Corporate insolvencies are also sometimes dealt with by way of an application for winding up on a just and equitable basis. This option provides great flexibility in dealing with both insolvent and solvent companies forming part of a group and also with cross border businesses. These are not published on the désastre list, but they can usually be identified from court lists or from notices published in the Jersey Gazette. The initial application is often made ex parte.

Jersey’s courts are also willing to grant recognition of overseas insolvency procedures where appropriate. In particular, recognition of foreign insolvency office holders including receivers and administrators is frequently granted, ensuring that secured creditors’ rights are protected (as they are in Jersey’s principal insolvency procedures).

Secured creditors holding Jersey law security interest agreements have a number of very flexible options to enforce their security swiftly and cost-effectively without involving the courts.

Very occasionally an application for a ‘remise de biens’ may be made by a corporate debtor. This is a type of court relief to permit the debtor an orderly sale of assets under the court’s supervision. It is, however, not akin to an administration. It is usually associated with relief from another creditor remedy over local immoveable property (a dégrèvement) and is highly unlikely to be used in an international context.

In terms of restructuring, corporate schemes of arrangement in Jersey have been seen in similar numbers to the Cayman Islands over the past three years. These have proved effective and flexible, and can be used in parallel with other jurisdictions on a cross-border basis as are similar insurance schemes. Capital reductions can also be carried out with, and in some circumstances without, the sanction of a court, providing a useful tool in restructuring.

However, by far the most frequently used winding up procedure is a summary winding up available for solvent companies on a voluntary and administrative basis backed by solvency statements made by the directors. The directors themselves may handle the winding up or liquidators may be appointed in more complex cases.

Recent case law provides helpful guidance on the winding up of insolvent Jersey trusts whereas foundations are subject to similar statutory regimes as described above. Again the frequency of such insolvencies appears very low.

applebyglobal.com

ABOUT APPLEBY

Appleby is one of the world’s leading offshore law firms. The Group has offices in the key offshore jurisdictions of Bermuda, the British Virgin Islands, the Cayman Islands, Guernsey, Isle of Man, Jersey, Mauritius, and Seychelles, as well as a presence in the international financial centres of Hong Kong and Shanghai.

Appleby has been ranked as one of the world’s largest providers of offshore legal services by number of lawyers in The Lawyer’s 2016 Offshore Survey. With over 470 people, including lawyers and professional specialists, across the Group, Appleby delivers sophisticated, specialised services, primarily in the areas of Corporate, Dispute Resolution, Private Client and Trusts, Regulatory and Property. The Group advises public and private companies, financial institutions, and high net worth individuals, working with these clients and their advisers to achieve practical solutions, whether in a single location or across multiple jurisdictions.

For further information contact:

© Appleby Global Group Services Ltd 2016. Published in the Cayman Islands. All Rights Reserved.

Kiernan BellPartnerGroup Head, BermudaDispute Resolutionkbell@applebyglobal.com

Tony Heaver-WrenPartner, Cayman IslandsDispute Resolutiontheaverwren@applebyglobal.com

Andrew WillinsPartnerGroup Head, British Virgin IslandsDispute Resolutionawillins@applebyglobal.com

Anthony WilliamsPartnerGroup Head, GuernseyDispute Resolutionawilliams@applebyglobal.com

Mark HolligonPartner, Isle of ManDispute Resolutionmholligon@applebyglobal.com

Gilbert NoelPartnerGroup Head, MauritiusDispute Resolutiongnoel@applebyglobal.com

RESEARCH METHODOLOGY

The data for this publication has been collected from a review of the Court filings, newspaper advertisements and Registrar notices in Bermuda, British Virgin Islands (BVI), the Cayman Islands, Guernsey, Isle of Man and Mauritius, between 1 January 2015 and 31 December 2015.

The conversion rate is the number of initial filings that later converted into actual court orders. Some court orders may not yet have been published, so figures are subject to change as new information becomes available.

Cases have been attributed to the year that they commenced, so for example a case that began with a November 2015 petition and resulted in a January 2016 court order would be included as part of the 2015 count.

Fraser RobertosnPartnerGroup Head, JerseyDispute Resolutionfrobinson@applebyglobal.com

Eliot SimpsonPartnerGroup Head, Hong KongDispute Resolutionesimpson@applebyglobal.com