Setting Aside A Cayman Islands Charge Upon Insolvency

INTRODUCTION

The Companies Law (as amended) (the "Law") provides that only companies incorporated in the Cayman Islands can be wound up there. 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:

1. voluntary winding up;
   
   
2. compulsory winding up; and
   
   
3. voluntary winding up subject to Grand Court supervision.
   
   

KEY FACTOR: THE DATE OF COMMENCEMENT OF A WINDING UP

Voluntary winding up