CAYMAN ISLANDS Law and Practice Contributed by: Guy Manning, Harry Shaw and Shaun Tracey, Campbells
Campbells Cricket Square Willow House Floor 4 George Town
Grand Cayman Cayman Islands Tel: +1 345 949 2648 Email: hshaw@campbellslegal.com Web: www.campbellslegal.com
1. Identifying Assets in the Jurisdiction 1.1 Options to Identify Another Party’s Asset Position In Cayman Islands litigation, there is no general obli - gation on a party to disclose their asset position, and publicly available information is limited. There are central ownership registers for land, ships, aircraft and motor vehicles, but not for other types of movable or immovable property. Information con - tained in company share registers, and in the newly introduced beneficial ownership register, is not pub - licly available. However, the Cayman Islands courts will, in appro - priate cases, make asset disclosure orders in sup - port of freezing injunctions. Likewise, there is a well- established and flexible jurisdiction to grant Norwich Pharmacal and Bankers Trust relief in order to obtain information from an innocent party who has become “mixed up” in wrongdoing. The respondents to such applications in the Cayman Islands are typically banks and corporate services providers. Once a judgment has been obtained, it is possible to examine the judgment debtor in relation to their assets, as discussed in 2.4 Post-Judgment Proce- dures for Determining Defendants’ Assets .
2. Domestic Judgments 2.1 Types of Domestic Judgments
A wide range of judgments and orders are available in the Cayman Islands, reflecting the diverse range of international and domestic cases before the courts. Judgments may be obtained by default (if, for exam - ple, a defendant fails to respond to a summons), sum - marily (that is, without a trial) or following a contested trial. The available juridical remedies broadly correspond to those available in England and Wales, and include the following: • Legal remedies, such as an award of compensa - tory monetary damages. • Equitable remedies such as: (a) specific performance; (b) injunctive relief (including freezing and propri - etary injunctions);
(c) account of profits; (d) constructive trust; (e) restitution; (f) rescission; and (g) rectification.
• Declaratory relief, whereby the court determines the rights, duties or obligations of one or more parties to a dispute without ordering damages or requiring further action.
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