Setting Aside A Cayman Islands Charge Upon Insolvency

INTRODUCTION

The Companies Law (as amended) (the "Law") applies only to companies formed and registered under the Law¹. Accordingly, only those companies may be wound up in the Cayman Islands. There is no provision akin to Part V of the UK Insolvency Act 1986 (UK) under which the English court can wind up unregistered or foreign companies.

The Cayman winding up regimes are found in Part V of the Law.

There are three regimes:

KEY FACTOR: THE DATE OF COMMENCEMENT OF A WINDING UP