Petition for the Recall of a Voluntary Liquidation In the Matter of FirstCaribbean International Finance Corporation (Cayman) Limited at the Grand Court of the Cayman Islands.
The Ritz-Carlton, Grand Cayman development appears to be insolvent by at least US$340 million, developer Michael Ryan and one of his many firms took out more than US$44 million from 2005 to 2012 in circumstances that are under investigation, and the "best hope" for unsecured creditors is a dividend of 2.5 cents on the dollar, according to information in a court ruling issued yesterday.
Ruling on Indemnity & Security for Costs in Cesar Hotelco (Cayman) Ltd., Cesar Properties Ltd., Condoco Grand Cayman Resort Ltd., Condoco Properties Ltd., and Endless Service Ltd. v. Michael Ryan, Orion Developers Ltd., Deckhouses Construction Company Ltd., I.R.R. Ltd., Endless Services Management Ltd., and BlueTip Watersports Ltd. at the Grand Court of the Cayman Islands.
Originating Summons in Cesar Properties Ltd. (in Receivership) v. The Proprietors, Strata Plan No. 550 regarding The DeckHouses at The Ritz-Carlton, Grand Cayman, filed at the Grand Court of the Cayman Islands.