CAMAC International Limited – in official liquidation

Type of engagement

Official liquidation.

Jurisdiction

Cayman.

Situation

The company is a holding company with subsidiaries in the Cayman Islands and various African countries. A creditor petitioned the Grand Court of the Cayman Islands to wind the company up by virtue of an arbitration award that it had obtained at the London Court of International Arbitration. The company was subsequently placed into official liquidation in the Cayman Islands with Kalo appointment holders as joint official liquidators (JOLs). The JOLs sought and obtained Chapter 15 recognition of their appointment in the United States Bankruptcy Court, Southern District of New York.

Key Facts

• Reported group assets of approximately US$829 million

Outcome

This assignment is ongoing.

Scottish Re Group Limited – in official liquidation

Type of engagement

Initially a Bermudian provisional liquidation which became a Cayman official liquidation.

Jurisdiction

A Cayman company which was operated out of Bermuda.

Situation

The company is the holding company of a group structure that has subsidiaries in Cayman, Bermuda, Delaware, Ireland and Luxembourg. The primary business of the group was the reinsurance of life insurance, annuities and annuity-type products. In 2008 the group ceased writing new business and the group is managing a legacy reinsurance portfolio. The group had raised working capital by issuing notes through special purpose vehicles which were guaranteed by the company’s immediate subsidiary, Scottish Annuity and Life Insurance Company (Cayman) Ltd (SALIC). Interest payments were due to be made on these notes which the group could not pay and the group decided to undergo a restructuring in an effort to reorganise its debts and effect an orderly wind down. The company filed for provisional liquidation in Bermuda May 2017 and a Kalo appointment holder and John McKenna (of Finance & Risk Services Ltd. in Bermuda) were appointed as joint provisional liquidators. SALIC, and its wholly owned Delaware subsidiary Scottish Holdings, Inc., filed for Chapter 11 protection in Delaware in early 2018, following which the company was placed into official liquidation in Cayman with Kalo and Finance and Risk Services continuing to act as joint official liquidators.

Key Facts

• Group assets of approximately US$2.9 billion
• Consolidated liabilities also of approximately US$2.9 billion

Outcome

At present this assignment is ongoing.

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