Cayman Islands - Attachment of Assets
Originally from Attachment of Assets
1. What is the general nature and effect of judicial measures available for plaintiffs to obtain provisional relief affecting property of debtors to obtain security for judgments to be obtained (“attachments”)? Freezing property in place? Placing it in the custody of a third party, such as a court official, sheriff or marshall?
There are various methods by which the Grand Court of the Cayman Islands may grant interim or provisional relief, in the form of interim injunction orders, or other interim remedies with respect to assets or property held by or on behalf of prospective judgment debtors (or associated third parties), pending final judgment being granted, and post-judgment enforcement steps being taken.
The Grand Court’s jurisdiction primarily derives from section 11 of the Grand Court Act, which confers upon the Grand Court the equivalent powers of the Supreme Court of England and Wales, as well as Order 29 of the Rules of the Grand Court.
As a matter of statute, common law and equity, the forms of interim injunctive relief that are available in the Cayman Islands, and the principles to be applied to such injunctions and orders, largely follow the principles applicable in England and Wales, subject to certain local differences under Cayman Islands law, civil procedure, and insolvency procedure.
The interim remedies available to the Grand Court include:
(a) a Mareva injunction order, freezing assets of the Defendant, and Chabra injunction orders, freezing assets held by third parties which may belong to the Defendant;