Richard Annette
Adam Russell-Knee
The Cayman Islands Monetary Authority (“CIMA”) has changed the application form for the registration of Virtual Asset Service Providers (VASPs) through the REEFS portal. Additionally, CIMA has issued an update to the Rule and Statement of...
Stuarts Litigation and Dispute Resolution department is experienced in advising parties on the recognition and enforcement of Foreign Arbitration Awards in the Cayman Islands and are experienced in advising parties that seek to resist the recognition and enforcement of Foreign Arbitration Awards in the Cayman Islands.
Foreign Arbitration Awards are enforceable in the Cayman Islands under section 5 of the Foreign Arbitral Awards Enforcement Law (As Revised), which gives effect to the New York Convention. The New York Convention’s primary object and purpose was to facilitate the recognition and enforcement of foreign arbitral awards.
Furthermore, arbitration awards made in jurisdictions that are not signatories to the New York Convention may also be recognised and enforced in the Cayman Islands pursuant to section 72(5) Arbitration Act, 2012.
All foreign arbitration awards, whether made in a jurisdiction that is a signatory to the New York Convention or not, require the permission of the Cayman Islands Courts to be enforced (Order.73, rule.31(1) Grand Court Rules).
Stuarts’ Litigation and Dispute Resolution department is experienced in advising parties on the recognition and enforcement of Foreign Arbitration Awards in the Cayman Islands.
Resisting Enforcement of Foreign Arbitral Awards
It is well-established that the grounds for refusing recognition and enforcement of an arbitration award will be construed narrowly. Nevertheless, there are certain grounds on which an arbitration award will be refused recognition under Cayman Islands law.
These grounds are set out in section 7 of the Foreign Arbitral Awards Enforcement Law (1997 Revision) and include:
- that the arbitration agreement was not valid.
- that the award debtor was not given proper notice of the appointment of the arbitrator or of the arbitration proceedings or was otherwise unable to present his case.
- that the award deals with a difference not contemplated by or not falling within the terms of the submission to arbitration or contains decisions on matters beyond the scope of the submission to arbitration.
- that the composition of the arbitral authority or the arbitral procedure was not in accordance with the agreement of the parties or, failing such agreement, with the law of the country where the arbitration took place
- that the award has not yet become binding on the parties.
- that the award is in respect of a matter which is not capable of settlement by arbitration (such as criminal disputes and matrimonial disputes), or if it would be contrary to public policy to enforce the award.
Stuarts’ Litigation and Dispute Resolution department is also experienced in advising parties that seek to resist the recognition and enforcement of Foreign Arbitration Awards in the Cayman Islands.
See more information on Arbitration in the Cayman Islands and Enforcement of Foreign Judgments.
