CAYMAN ISLANDS Law and Practice Contributed by: Sam Dawson, Peter Sherwood and Denis Olarou, Carey Olsen
13.4 Procedure for Enforcing Domestic and Foreign Arbitration Both domestic and foreign arbitration awards must be converted into a Grand Court judgment before then being enforced like any other judgment of the court. In either case, the enforcement application is made ex parte by originating summons. The respondent will have 14 days after being served with the enforcement order to challenge it and, if the respondent does so, enforcement will not be possible until the challenge is determined. 14. Outlook 14.1 Proposals for Dispute Resolution Reform An August 2022 amendment to the Companies Act and Companies Winding Up Rules introduced chang- es to the restructuring regime in the Cayman Islands. Directors of companies can now apply for a restruc- turing officer to be appointed without the need for the presentation of a winding-up petition. This has the benefit of helping the company restructure more expediently whilst avoiding any negative press associ- ated with the appointment of a provisional liquidator.
The commencement of Parts 1 and 2 and Sections 99 and 101 of the Legal Services Act came into force on 14 October 2022. Broadly, these sections encom- pass the establishment of a legal council that will be responsible for the regulation of attorneys-at-law in the Cayman Islands and the enabling of Cabinet to make regulations. This will pave the way for the even- tual repeal of the Legal Practitioners’ Act, which is due to be replaced by the Legal Services Act. 14.2 Growth Areas There are no specific growth areas for commercial disputes. The Cayman Islands continues to be a sig- nificant jurisdiction for the resolution of global financial services sector disputes.
186 CHAMBERS.COM
Powered by FlippingBook