Drelle overruled: what the Supreme Court's judgment means for BVI and Cayman insolvency Summary of Supreme Court decision BVI implications Cayman Islands implications Conclusion

The UK Supreme Court's judgment in Servis-Terminal LLC v Drelle overruled the English Court of Appeal's January 2025 decision and has significant potential implications for offshore practice in the BVI and Cayman Islands with respect to the issue of when unrecognised foreign judgments can be used to found a bankruptcy or winding up petition. This blog first summarises the Supreme Court decision before considering its potential impact in the BVI and Cayman Islands. In Drelle, a Russian creditor company presented a bankruptcy petition against a Russian national on the basis of a RUB 2 billion "debt" owed as a result...