Important Note: The following is intended as a general outline of Cayman Islands law in this area. It is not a substitute for specific advice concerning specific situations.
1. Legislation:
What legislation is applicable to bankruptcies and reorganisations?
Corporate insolvency in the Cayman Islands is governed by the Companies Law (1998 Revision).
The term ‘bankruptcy’ is generally limited in Cayman Islands law to individual insolvency, which is governed by the Bankruptcy Law (1997 Revision) and is outside the scope of this work.
Part V of the Companies Law deals with the winding up of companies, both voluntarily and compulsorily. Its provisions are based on those of English Companies Acts prior to the Insolvency Act 1986. The Cayman Islands follow the UK Insolvency Rules 1986, insofar as they are relevant, and with necessary adaptations to suit local circumstances.
