New Regulatory Considerations For End Of Year Liquidations

As firms get ready to wrap up the calendar year, it is time to take inventory of what year-end regulatory deadlines are on the horizon. For any Cayman Islands-based entities that are at or nearing the end of their life cycle, mapping out their liquidation should be part of this year-end preparation.

In order to prevent the expense of annual 2023 government registration fees, an appointed liquidator will be required to hold the final general meeting for a company or file the final dissolution notice for an exempted limited partnership on or before 31 January 2023.

One significant change this year is for entities that are registered with the Cayman Islands Monetary Authority ("CIMA"). Previous guidelines centred on 31 December as the date by which to de-register to avoid having to pay unnecessary fees. Under new guidelines handed down from CIMA, however, there is now increased clarity around the timing of the deregistration process.