Do you have any Cayman vehicles that you are considering terminating?

Do you have Cayman vehicles that you are considering terminating?

If so, you should consider initiating the process now to minimise or eliminate 2020 annual fees. This note contemplates corporate vehicles but similar considerations apply to partnerships.

Termination by voluntary liquidation

El pasado miércoles 27 de mayo de 2015 se produjo la entrada en vigor de la Ley 9/2015, de 25 de mayo, de medidas urgentes en materia concursal. Se termina así el proceso de conversión en Ley del Real Decreto-Ley 11/2014, de 5 de septiembre (ver e-bulletin publicado).

Act 9/2015, of 25 May, regarding urgent measures on insolvency, entered into force in Spain on 27 May 2015, thus concluding the process to give Royal Decree Law 11/2014, of 5 September, the status of an Act in its own right (see published e-bulletin).

On Friday 5 September, the Spanish Council of Ministers approved Royal Decree Law 11/2014, of 5 September, regarding urgent measures on insolvency. The Royal Decree Law brings in a series of significant reforms to the Spanish Insolvency Act 22/2003, of 9 July (the "Insolvency Act"). The new Royal Decree Law entered into force on 7 September 2014.