Broadly, the end of life options for a solvent Cayman Islands company are either a voluntary liquidation or a strike-off. The appropriateness of either method will depend on the business history of the company and its current financial position. The company should ideally have no assets or liabilities before the commencement of either option.

Preliminary steps

Before commencing the dissolution process, it may be necessary to take some preliminary steps, such as ensuring that:

Foreign insolvency proceedings (including those ordered by the UK courts) have no direct operation in Guernsey. Therefore foreign insolvency office holders looking to take steps in Guernsey, such a collecting in assets or compelling the production of information from third parties, will need to first be recognised under Guernsey law before steps can be taken in this jurisdiction.

Guernsey has not introduced legislation based on the UNCITRAL model law on cross-border insolvency. It is also not (and was not prior to Brexit) subject to the Recast Insolvency Regulations.