A scheme of arrangement is a flexible form of corporate restructuring. Since early 2002 the Cayman Court has considered an unprecedented number of schemes, and has recognized and reflected the versatility, flexibility and utility of Cayman schemes in the changes to its rules, its approach to their management and in its recent decisions. It is clear that the Cayman Court understands the commercial necessity of implementing schemes in a timely and practical fashion. Recent developments underline this.
April 30 2004