Cayman Islands Courts Embrace Innovation and Technology

The Cayman Islands courts have taken significant steps towards embracing innovation and technology, making it a more attractive jurisdiction for international litigation.

Cross-Jurisdictional Mechanisms

The Cayman Islands is well-equipped to handle cross-border disputes, with a robust regime for enforcing foreign court judgments and arbitral awards. The jurisdiction is party to several international conventions, including:

• Hague Convention on the Service Abroad of Judicial and Extrajudicial Documents in Civil or Commercial Matters 1965
• New York Convention on the Recognition and Enforcement of Foreign Arbitral Awards

Technology-Fueled Asset Recovery

The increasing use of technology has created new opportunities for asset recovery. The Cayman Islands is at the forefront of this trend, with lawyers and investigators using advanced data analytics and artificial intelligence to track down hidden assets.

Digital Currencies: A Game Changer?

The introduction of digital currencies has brought new challenges and opportunities for fraud litigation. The Virtual Asset (Service Providers) Act 2020 aims to regulate the industry and prevent fraudulent activities.

Recent Developments

Recent developments in the Cayman Islands include:

• Private Funding of Legal Services Act 2020: abolished the offences of maintenance and champerty, allowing lawyers to accept cases on a conditional or contingency fee basis
• Introduced much-needed clarity into the parameters for litigation funding arrangements
• Expanded public access to corporate records (although this development may be impacted by a recent ruling from the European Court of Justice)

These developments demonstrate the Cayman Islands’ commitment to innovation and technology in the field of international litigation. As the jurisdiction continues to evolve, it is well-positioned to remain a leading destination for complex cross-border disputes.