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schemes of arrangement. It is also possible for receivers to be appointed over Cayman Islands companies, either by the Grand Court or by a creditor of the company with suitable security. 2.3 Obligation to Commence Formal Insolvency Proceedings If a Cayman company is insolvent or of doubtful solvency, its directors have a fiduciary duty to act with regard to the interests of its creditors. Therefore, in these circumstances they must have regard to whether it is in creditors interests for insolvency proceedings to be instigated. Directors also have a duty to commence insolvency proceedings if directed to do so by a resolution of the shareholders or a

Cayman islandsObelisk capital managementMacro fixed income fundWhile the companies lawCayman islands monetary authorityRevision the companies lawCompanies winding upCompanies lawPartnership lawGrand courtObelisk capital management limitedRegimes governing restructuringsCompanies winding up rulesExempted limited partnership lawInvoluntary restructuringsCommence formal insolvency