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Conditions for reappointing Cayman ROs: the Ruipeng decision
On 31 March, the Grand Court of the Cayman Islands delivered its judgment in the Matter of New Ruipeng Pet Group Inc, making orders concerning the appointment of restructuring officers (ROs) over the company.
The judgment holds significance as it is the first to address the jurisdictional threshold that must be satisfied to make such an RO continuation order. The requirements are straightforward: the ROs must demonstrate that the conditions for a de novo appointment continue to exist. However, the effect of the judgment has wider practical implications for ROs, creditors and companies alike…
The skinny
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