On 31 October 2023, Federal Law No. 51 of 2023 Promulgating the Financial and Bankruptcy Law (the Bankruptcy Law) was published in the United Arab Emirates (UAE) Official Gazette, repealing the prior federal law on bankruptcy (Federal Law No. 9 of 2016, the Prior Law) and significantly developing the bankruptcy regime in the UAE.

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: