Firm / Organisation

Stuarts Walker Hersant Humphries

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Chairman: Andrew Hersant
Managing Director: Chris Humphries
Number of partners: 4
Number of lawyers: 9
Languages:   English, French, Spanish

Firm Contact:
Managing Director:
Chris Humphries
Tel: +345 814 7911
Email: [email protected]

Firm Overview:
Stuarts Walker Hersant Humphries (Stuarts) is a leading offshore law firm advising international law firms, major financial institutions, Fortune 500 companies and high-net worth individuals. The firm’s vision is to be the offshore legal partner of choice by offering responsive, effective and commercial advice. Stuarts is a listing agent for the Cayman Islands Stock Exchange.

Main Areas of Practice:

Banking & Asset Finance:

The banking team advises on all aspects of banking and asset finance including asset sales, the establishment and licensing of banks and other financial institutions, securitisations, financing structures and the financing and registration of aircrafts and vessels.
Most notably in 2018 the team:
■ Acted for the administrative agent and the joint lead lenders in connection with the provision of US$800 million of acquisition finance to one of South America’s largest oil producers and operators
■ Continues to provide one of the world’s largest banks with regular, comprehensive advice in connection with the provision of products and services to customers in the Cayman Islands on a cross-border basis
■ Advised a global bank in connection with the Cayman Islands legislative framework surrounding the provision of their services on a cross-border basis
■ Advised a large group captive manager on the facility agreements between their captives and their banks

Capital Markets & Structured Finance:
The capital markets team advises on public and private offerings of equity and debt securities, bond issues and derivative transactions, commercial paper programmes, securitisations and other structured products. Most notably in 2018, the team advised on the refinancing of a US$100 million credit facility and granting security for a global restaurant investment company.

Commercial Disputes & Litigation:
Headed by Richard Annette, the commercial disputes and litigation team advises companies, funds, insurance institutions and high net worth individuals on a variety of commercial, company and insurance disputes as well as insolvency related matters. The team has particular expertise in insurance policy claims, corporate governance issues, director’s duties and dealing with disputes concerning redemptions and suspensions as well as in share valuation disputes.
Most notably in 2018 the team advised and acted:
■ For one of the world’s largest insurance companies relating to a claim arising from the confiscation of an aircraft in Brazil including issues as to avoidance, misrepresentation, non-disclosure and policy terms
■ In proceedings against a leading Cayman Islands law firm, in respect of breaches of fiduciary and common law duty and breach of contract
■ In a share dispute relating to joint tenancy and survivorship rights
■ In multiple policy claims for various insurers

Corporate & Commercial:
The corporate and commercial team is regularly involved in complex corporate transactions involving Cayman Islands companies and regularly advises clients on corporate restructurings, takeovers, mergers and acquisitions, schemes of arrangement, joint ventures and statutory mergers.
Most notably in 2018 the team:
■ Acted for the private equity investment arm of a global bank in connection with its acquisition of a UK trading business with a Cayman parent
■ Advised on the restructuring and refinancing of a global, specialist logistics group of companies
■ Advised the purchasers (owned by a NYSE listed real estate investor) in respect of the acquisition of a major hotel on Seven Mile Beach. The acquisition was structured by way of the acquisition of the real property comprising the hotel and the assignment of the hotel management/franchise agreement
■ Continued to advise CTMH Doctors Hospital on all corporate and commercial matters

Distressed Funds Services:
Headed by Chris Humphries, the distressed funds team has been instructed in connection with many of the largest fund insolvency events in the Cayman Islands in recent years and the services offered include; advising funds and their directors on the winding down and restructuring of the fund’s affairs and the use of side pockets, advising on the deregistration and liquidation of investment funds, advising on disputes between funds and investors, and advising fund managers on their directors’ duties in connection with liquidity pressures and the merits and weaknesses of potential solutions.
Most notably in 2018 the team advised:
■ On the formal wind down of several funds and their restructuring
■ The purchaser in connection with the purchase of certain assets and subsidiaries from a company in official liquidation in the Cayman Islands

Fund Launch Services:
Headed by Chris Humphries, the investment funds team advises fund managers on the set-up and establishment of a broad range of investment funds in the Cayman Islands, including; development of a fund’s legal structure and formation issues, coordination with legal counsel and regulators, advising clients who utilise a wide variety of investment strategies and listing investment funds on the Cayman Islands Stock Exchange. The firm also advises funds focusing on blockchain technology, bitcoin or other cryptocurrency strategies.
Most notably in 2018 the team advised on:
■ The establishment of several funds registered under section 4(3) of the Mutual Funds Law as an exempted company with the investment objective of achieving high returns on capital
■ The establishment and structuring of a segregated portfolio fund to invest in information technology utilising smart contracts for equity/debt conversion
■ The establishment of several fund platforms as segregated portfolio companies particularly in the cryptocurrency market
■ All ongoing requirements for a large European real estate investment management firm
■ The restructuring and ongoing advice for a US$4 billion fund with multiple investment managers

Insurance:
The insurance team can assist in all aspects of establishment, licensing, structuring, regulation and operation of insurance companies and captives as well as in respect of all forms of insurance related disputes.
Most notably in 2018 the team advised:
■ A leading insurance manager on a range of general corporate and commercial matters including facility agreements between the Captives and their banks; and amendments to the Captive constitutional documents
■ On a multi-jurisdictional dispute worth in excess of US$10 million relating to an Aircraft insurance policy, resulting in a judgment in favour of the client
■ A captive insurance company in connection with a dispute with one of its shareholders in a claim in excess of US$1 million
■ Multiple domestic insurance companies in a variety of claims and policy disputes
■ Lloyds syndicate in connection with a settlement in respect of a Director’s and Officer’s Policy

Private Client & Trusts:
The private client and trusts team regularly advises high net worth individuals and family offices on their trusts, investment structures and ancillary matters regarding their Cayman interests. In addition, the team advises settlors and trustees in connection with the establishment, administration, restructuring and winding-up of private, charitable, purpose and commercial trusts. The team also advises on the acquisition, registration and mortgaging of Cayman Islands vessels and aircraft.
Most notably in 2018 the team advised:
■ On the acquisition and registration of a private aircraft to be held in a Cayman company
■ On the acquisition and registration of a private yacht in the Cayman Islands to be held through a special purpose vehicle

Private Equity:
The private equity team advises on all types of private equity fund structuring, transactions and exits.
Most notably in 2018 the team advised:
■ A large institutional bank on its portfolio of 20+ private equity funds
■ On several closed ended partnership structures investing in the US and globally
■■A leading firm on a group of over 20 private equity funds investing in global food brands
■ A leading aircraft private equity firm on its aircraft leasing business in Cayman
■ On the establishment of several new private equity partnerships to act as an access fund for a large investment bank

Contributions

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FinTech 2019 Trends and Developments in Cayman Islands

Chris Humphries

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