International Corporate Rescue
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Vol 15 (2018) - Issue 4
Article preview
To Stat Demand, or Not To Stat Demand, That is the Question: A Brief Guide and Comparison of Statutory Demands in the Cayman Islands and the British Virgin Islands
John O’Driscoll, Partner, Paul Goss, Senior Associate, and Danielle Ola, Paralegal, Walkers, London UKSynopsis
The purpose of this article is to provide a brief guide as to the use of statutory demands (a 'Demand' or collectively ‘Demands’) in both the Cayman Islands and the British Virgin Islands (the 'BVI'). In particular, this article will seek to summarise the basic statutory requirements of Demands in both the Cayman Islands and the BVI, highlight some key differences between the use of Demands in both jurisdictions and provide an overview as to certain strategic considerations when a creditor is contemplating issuing a Demand or a debtor is responding to a Demand.
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