Cayman court gets power to issue interim orders in foreign cases
Cayman Islands Attorney General Samuel Bulgin
(CNS Business): An amendment to the Cayman Islands Grand Court rules has given local judges the power to make free standing interim orders regarding assets and resources in foreign cases that also touch this jurisdiction to help prevent abuse of those involved in legal proceedings around the world. Attorney General Samuel brought the amendment to the Legislative Assembly Thursday, stating that the amendment had the support of the judiciary and stakeholders from the financial sector and would assist in the jurisdiction’s continued attraction on the international stage as a modern jurisdiction with a business friendly environment regarding international proceedings.
Bulgin told the LA that the amendment would allow the financial division of the Grand Court to make orders where appropriate regarding assets held here relating to legal cases around the world and have those judgments enforced. The government lawyer said it would create a level of certainty for offshore entities and would underpin the powers of the financial courts here.
The attorney general pointed to a ruling following a major case dealt with by Justice Peter Cresswell, before his retirement from the specialist court, in which the judge had pointed out that for public policy reasons to prevent potential abuse with disputed funds and Cayman’s global obligations there was room for legislative amendment to assist the courts to make important orders.
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Category: Finance, Financial Services
