As year end approaches, it is time to start planning the liquidation of Cayman Islands entities that have reached the end of their life cycle to ensure that unnecessary fees are not incurred.

Introduction

The proposed introduction of a corporate restructuring regime in the Cayman Islands is a welcome development and is considered by many to be long overdue. Presently, Cayman Islands law does not provide for any formal corporate restructuring process; a position which can be contrasted with, for example, the United Kingdom and the United States whose respective “administration” and “Chapter 11 bankruptcy” processes have been available for many years.

Current Cayman Islands law

Voluntary liquidations generally