Legal Market Overview
With the easing of entry requirements for international travellers, as well as other Covid-19 protocols, at the end of August 2022, the Cayman Islands signalled its desire to re-open its doors, and return to pre-pandemic levels of tourist activity; a major earner which accounts for approximately a sixth of the territory’s GNP.
Meanwhile, the true breadwinner – the jurisdiction’s world-leading financial sector – has continued to thrive throughout a prolonged period of relative uncertainty. Already home to more than 85% of the world’s hedge funds, new registrations continue to grow considerably, boosting the total number of active funds on the Cayman Islands Monetary Authority’s (CIMA) register to over 27,000.
With respect to significant legal developments, the enactment of the Cayman Islands’ Companies Amendment Act looks set to streamline the corporate restructuring process, giving companies the power to appoint a dedicated restructuring officer to commence proceedings, and avoid the use of provisional liquidation.