Insolvency
Commencement
Appointment of a liquidator
Priority
Onerous property and unprofitable contracts
Set-off
Challengeable transactions
Misfeasance
Debt restructuring schemes
Accreditation
Cross-border issues
Insolvency law in the Cayman Islands is principally regulated by the Companies Law (2013) and the Companies Winding Up Rules 2008, which are supplemented by a wide body of case law. The following guidance is a summary only.
Under Cayman law, a company may be wound up on the basis of insolvency if it cannot pay its debts as they fall due. A company is treated as unable to pay its debts if:
- it fails to satisfy a valid statutory demand;
- execution of a judgment is returned wholly or part…
Read the full article at: http://www.internationallawoffice.com/Newsletters/Insolvency-Restructuring/Cayman-Islands/Harney-Westwood-Riegels/Cayman-Islands-insolvency-law-in-60-seconds