Grant Thornton Specialist Services (Cayman) Limited provides a wide range of restructuring services to professionals, companies and their stakeholders
Our work focuses on understanding the position that the company is in, how it can be improved (both operationally and financially), what the appropriate financing structure should be and then how this can be delivered. Sometimes this means exiting non-core or underperforming business units.
Companies challenged by underperformance often require advice and support in identifying appropriate options for financial and/or operational restructuring in order to create a stable platform for business turnaround.
An example of mechanisms through which we deliver our services:
Directorships and corporate governance
Getting recognition of Cayman appointments can be problematic or even impossible in some third party jurisdictions – China, Switzerland and many civil law jurisdictions such as those in Latin America are all known difficulties. We have experience of using either independent or Grant Thornton staff as directors of subsidiary operations, and other corporate governance mechanisms such as amendments to directors' powers to control subsidiaries and their assets without breaching local regulations and whilst managing risk.
Reporting to the Grand Court of the Cayman Islands on the affairs of any company within the Cayman Islands upon the application of the members of the company to the Court
Assisting secured lenders in maximising a greater return via a pro-active Receivership process compared to what would be achieved from a foreclosure action.
In Cayman there are specific problems with liquidation appointments in relation to Segregated Portfolio Companies, resulting in Receivership being the principle remedy. At the same time there is limited guidance on the powers and authority of the Receivers. We have unparalleled experience in acting as Receivers as set out in the SPC legislation contained at Part XIV of the Companies Law (2013 Revision), and obtaining Court assistance in conducting such Receiverships.
Negotiate a binding agreement with a troubled company's creditors or members, safeguarding and/or enhancing the recovery prospects of those stakeholders, whilst also preserving the survival of the company and avoiding the value erosion often experienced as part of a formal liquidation. Jurisdiction specific – options would include, for example, using a Cayman provisional liquidation to shelter a Chapter 11 proceeding, or advising on and monitoring a Cayman Section 86 agreement.
A journey from crisis to recovery
- Identifying and resolving issues affecting a company's ability to continue trading which often comes from a short term funding requirement coupled with liquidity problems. Time is of the essence in situations like this, we can be on site in less than 24 hours domestiaclly and internationally within 48 hours
- Providing in-depth assessments of a company's financial position and actions for stabilising the business. When stability is restored, we work with management to devise a detailed turnaround plan to return the business to profitability. This may include the exiting of under-performing non-core business units or the use of other restructuring tools
- With our deep understanding, built over many years and assignments, of what stakeholders require, we aim to find the best possible outcome for all involved.