INSOL Quick Takes: Offshore response to COVID-19

Partner and Global Head of Restructuring and Corporate Recovery Marc Kish joins this INSOL virtual panel with contributors from other leading offshore centres to discuss the Cayman Islands response to the pandemic and explore the likely trends offshore in the coming months.

The Cayman Islands are now emerging from lockdown but the financial services industry and court system have continued uninterrupted during the last few months.  Through government loans, stipends, waiver of fees and other measures, and with the assistance of significant donations from the private sector, the government has tried to soften the impact of the pandemic on the local economy.  
 
The investment funds industry does not appear to have been adversely affected by the crisis to date, with many managers seeing opportunities to acquire undervalued assets.  The distressed debt space and large-scale insolvencies are active, although it is difficult to tell whether this activity is a result of COVID-19 or the already worsening economic climate at the start of the year.   
 
Marc will discuss the trends over the last few months with respect to Asia and Europe and speculate and the likely impact of new legislation being considered in the Islands to assist Cayman-incorporated companies in effecting a restructuring plan for the benefit of creditors.  

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