Cayman ISLANDS Law and Practice Contributed by: Sam Dawson, Peter Sherwood and Denis Olarou, Carey Olsen
enforcement will not be possible until the chal- lenge is determined.
The commencement of Parts 1 and 2 and Sec- tions 99 and 101 of the Legal Services Act came into force on 14 October 2022. Broadly, these sections encompass the establishment of a legal council that will be responsible for the regula- tion of attorneys-at-law in the Cayman Islands and the enabling of Cabinet to make regulations. This will pave the way for the eventual 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 commer- cial disputes. The Cayman Islands continues to be a significant jurisdiction for the resolution of global financial services sector disputes.
14. Outlook 14.1 Proposals for Dispute Resolution Reform An August 2022 amendment to the Companies Act and Companies Winding Up Rules intro- duced changes to the restructuring regime in the Cayman Islands. Directors of companies can now apply for a restructuring 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 expedi- ently whilst avoiding any negative press associ- ated with the appointment of a provisional liq- uidator.
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