Case 17-2992, Document 1093-2, 05/09/2018, 2299206, Page1 of 111 Exhibit List Statutes & Regulations British Virgin Islands Insolvency Act (2003), Part XIX (Sections 466–472) B Cayman Companies Law (2016), Sections 145–147, 240–243 United Kingdom Cross-Border Insolvency Regulations (2006), Art. 25 of Schedule 1 United Kingdom Insolvency Act (1986), Sections 213, 238–239, 423, 426 Cases Re Al Sabah [2002] CILR 148 Al Sabah and Another v. Grupo Torras SA [2005] UKPC 1, [2005] 2 A.C. 333 AWB Geneva SA v. North America Steamships Limited [2007] 1 CLC 749 AWB Geneva SA v. North America Steamships Limited [2007] 2 Lloyd’s Rep 31 Banco Nacional de Cuba v. Cosmos Trading Corporation [2000] 1 BCLC 813 Banque Indosuez SA v. Ferromet Resources Inc [1993] BCLC 112 Bilta (UK) Ltd v Nazir (No 2) [2013] 2 WLR 825 Bilta (UK) Ltd v. Nazir [2014] Ch 52 (CA) Bilta (UK) Ltd v. Nazir [2016] AC 1 (SC) Bloom v. Harms Offshore AHT “Taurus” GmbH & Co KG [2010] Ch 187 Case 17-2992, Document 1093-2, 05/09/2018, 2299206, Page2 of 111 Exhibit List Cases, continued Re Paramount Airways Ltd [1993] Ch 223 Picard v. Bernard L Madoff Investment Securities LLC BVIHCV140/2010 B Rubin v. Eurofinance SA [2013] 1 AC 236; [2012] UKSC 46 Singularis Holdings Ltd v. PricewaterhouseCoopers [2014] UKPC 36, [2015] A.C. 1675 Stichting Shell Pensioenfonds v. Krys [2015] AC 616; [2014] UKPC 41 Other Authorities McPherson’s Law of Company Liquidation (4th ed. 2017) Anthony Smellie, A Cayman Islands Perspective on Trans-Border Insolvencies and Bankruptcies: The Case for Judicial Co-Operation , 2 Beijing L. Rev. 4 (2011) Cases Cited by Amici Curiae A, B, C & D v. E , HCVAP 2011/001 Ayerst (Inspector of Taxes) v C&K (Construction) Ltd [1976] AC 167 Re Babcock & Wilcox Canada Ltd. , 2000 CanLII 22482 (O.N.S.C.) Blum v. Bruce Campbell & Co. , [1992-3] CILR 591 Changgang Dunxin Enterprise Company Ltd. , Unreported, Cause No. FSD 270 of 2017 (LMJ) (Grand Ct. Fin. Servs. Div. Feb. 8, 2018) Re CHC Group Ltd. , Unreported, Cause No. FSD 5 of 2017 (RMJ) (Grand Ct. Fin. Servs. Div. Jan. 10, 2017) Case 17-2992, Document 1093-2, 05/09/2018, 2299206, Page3 of 111 Exhibit 1 Case 17-2992, Document 1093-2, 05/09/2018, 2299206, Page4 of 111 9,5*,1,6/$1'6,162/9(1&<$&7 3$57;,; 6HFWLRQ ,QWKLV3DUW ³IRUHLJQSURFHHGLQJ´PHDQVDFROOHFWLYHMXGLFLDORUDGPLQLVWUDWLYHSURFHHGLQJLQD UHOHYDQWIRUHLJQFRXQWU\LQFOXGLQJDQLQWHULPSURFHHGLQJSXUVXDQWWRDODZUHODWLQJWR LQVROYHQF\LQZKLFKSURFHHGLQJWKHSURSHUW\DQGDIIDLUVRIWKHGHEWRUDUHVXEMHFWWR FRQWURORUVXSHUYLVLRQE\DIRUHLJQFRXUWIRUWKHSXUSRVHRIUHRUJDQLVDWLRQOLTXLGDWLRQRU EDQNUXSWF\DQG³GHEWRU´VKDOOEHFRQVWUXHGDFFRUGLQJO\ ³IRUHLJQUHSUHVHQWDWLYH´PHDQVDSHUVRQRUERG\LQFOXGLQJRQHDSSRLQWHGRQDQLQWHULP EDVLVDXWKRUL]HGLQDIRUHLJQSURFHHGLQJWRDGPLQLVWHUWKHUHRUJDQLVDWLRQRUWKH OLTXLGDWLRQRIWKHGHEWRU VSURSHUW\RUDIIDLUVRUWRDFWDVDUHSUHVHQWDWLYHRIWKHIRUHLJQ SURFHHGLQJ ³LQVROYHQF\RIILFHU´PHDQVWKH2IILFLDO5HFHLYHUDOLTXLGDWRUSURYLVLRQDOOLTXLGDWRU EDQNUXSWF\WUXVWHHDGPLQLVWUDWRUUHFHLYHUVXSHUYLVRURULQWHULPVXSHUYLVRU³UHOHYDQW IRUHLJQFRXQWU\´PHDQVDFRXQWU\WHUULWRU\RUMXULVGLFWLRQGHVLJQDWHGE\WKH&RPPLVVLRQ DVDUHOHYDQWIRUHLJQFRXQWU\IRUWKHSXUSRVHVRIWKLV3DUWDQG ³9LUJLQ,VODQGVLQVROYHQF\SURFHHGLQJ´PHDQVDFROOHFWLYHMXGLFLDORUDGPLQLVWUDWLYH SURFHHGLQJLQFOXGLQJDQLQWHULPSURFHHGLQJSXUVXDQWWRWKLV$FWRUWRDQ\RWKHU HQDFWPHQWLQWKH9LUJLQ,VODQGVUHODWLQJ L WRWKHEDQNUXSWF\OLTXLGDWLRQDGPLQLVWUDWLRQRUUHFHLYHUVKLSRIDGHEWRURU LL WRWKHUHRUJDQLVDWLRQRIDGHEWRU¶VDIIDLUV ZKHUHLQDOOFDVHVWKHSURSHUW\RIWKHGHEWRULVRUZLOOEHUHDOL]HGIRUWKHEHQHILWRI VHFXUHGRUXQVHFXUHGFUHGLWRUV 1RWZLWKVWDQGLQJVXEVHFWLRQ DFRXQWU\RUWHUULWRU\WKDWLVGHVLJQDWHGDVDGHVLJQDWHG FRXQWU\IRUWKHSXUSRVHVRI3DUW;9,,,FHDVHVWREHDUHOHYDQWIRUHLJQFRXQWU\IURPWKHGDWHRILWV GHVLJQDWLRQDVDGHVLJQDWHGFRXQWU\ 7KHGHVLJQDWLRQRIDFRXQWU\IRUWKHSXUSRVHVRI3DUW ;9,,,GRHVQRWDIIHFWWKHYDOLGLW\RIDQ\RUGHUPDGHXQGHUWKLV3DUW 6HFWLRQ )RUWKHSXUSRVHVRIWKLVVHFWLRQ³SURSHUW\´PHDQVSURSHUW\WKDWLVVXEMHFWWRRULQYROYHGLQ WKHIRUHLJQSURFHHGLQJLQUHVSHFWRIZKLFKWKHIRUHLJQUHSUHVHQWDWLYHLVDXWKRUL]HG $IRUHLJQUHSUHVHQWDWLYHPD\DSSO\WRWKH&RXUWIRUDQRUGHUXQGHUVXEVHFWLRQ LQDLGRI WKHIRUHLJQSURFHHGLQJLQUHVSHFWRIZKLFKKHLVDXWKRUL]HG 6XEMHFWWRVHFWLRQXSRQDQDSSOLFDWLRQXQGHUVXEVHFWLRQ WKH&RXUWPD\ Case 17-2992, Document 1093-2, 05/09/2018, 2299206, Page5 of 111 D UHVWUDLQWKHFRPPHQFHPHQWRUFRQWLQXDWLRQRIDQ\SURFHHGLQJVH[HFXWLRQRURWKHU OHJDOSURFHVVRUWKHOHY\LQJRIDQ\GLVWUHVVDJDLQVWDGHEWRURULQUHODWLRQWRDQ\RIWKH GHEWRU¶VSURSHUW\ E VXEMHFWWRVXEVHFWLRQ UHVWUDLQWKHFUHDWLRQH[HUFLVHRUHQIRUFHPHQWRIDQ\ULJKWRU UHPHG\RYHURUDJDLQVWDQ\RIWKHGHEWRU¶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ase 17-2992, Document 1093-2, 05/09/2018, 2299206, Page6 of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ase 17-2992, Document 1093-2, 05/09/2018, 2299206, Page7 of 111 Exhibit 2 Case 17-2992, Document 1093-2, 05/09/2018, 2299206, Page8 of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³UHODWHGSDUW\´LILWKDVWKH DELOLW\WRFRQWUROWKHFRPSDQ\RUH[HUFLVHVLJQLILFDQWLQIOXHQFHRYHUWKHFRPSDQ\LQPDNLQJ ILQDQFLDODQGRSHUDWLQJGHFLVLRQV 6HFWLRQ ,QWKLVVHFWLRQDQGVHFWLRQ D ³GLVSRVLWLRQ´KDVWKHPHDQLQJDVFULEHGLQ3DUW9,RIWKH7UXVWV/DZ 5HYLVLRQ E ³LQWHQWWRGHIUDXG´PHDQVDQLQWHQWLRQWRZLOIXOO\GHIHDWDQREOLJDWLRQRZHGWRD FUHGLWRU F ³REOLJDWLRQ´PHDQVDQREOLJDWLRQRUOLDELOLW\ ZKLFKLQFOXGHVDFRQWLQJHQWOLDELOLW\ ZKLFKH[LVWHGRQRUSULRUWRWKHGDWHRIWKHUHOHYDQWGLVSRVLWLRQ G ³WUDQVIHUHH´PHDQVWKHSHUVRQWRZKRPDUHOHYDQWGLVSRVLWLRQLVPDGHDQGVKDOO LQFOXGHDQ\VXFFHVVRULQWLWOHDQG H ³XQGHUYDOXH´LQUHODWLRQWRDGLVSRVLWLRQRIDFRPSDQ\¶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