Cayman Islands Voluntary Liquidations 2020
01 Jul 2020
This is particularly relevant to companies that are Reporting Financial Institutions under FATCA1 or CRS2, which may be required to further report to the Cayman Islands Tax Information Authority should they be in existence during 2021. Companies that are registered for taxation purposes in other jurisdictions or that have annual financial reporting requirements might also find a 2020 dissolution date advantageous.
For a Cayman Islands company to complete its dissolution by 31 December 2020, its voluntary liquidation will need to have commenced before 30 August 2020. Additional time may need to be allowed where the affairs of the company are not straightforward. Funds that are registered with the Cayman Islands Monetary Authority ("CIMA") pursuant to the Mutual Funds Law (2020 Revision) ("Funds") may also need to consider an earlier commencement date to ensure that the final audited financials are completed and filed with CIMA prior to the final meeting of the Fund. CIMA requires that a Fund undertakes a final audit for the period either up to the date of the appointment of the third party liquidator or to the date of the full payment of the final redemptions.
Maples Group's voluntary liquidations team is composed of dedicated and experienced professionals with extensive experience in the dissolution of various corporates, structured finance vehicles and investment funds. For further information on the team and our liquidation services, please view our Overview of Services. Additionally, you may wish to refer to our legal guides with information on preparing your entities for liquidation and the statutory process: Voluntary Liquidations of Solvent Cayman Islands Companies and Voluntary Dissolution and Winding Up of a Cayman Islands Exempted Limited Partnership.
Please do not hesitate to contact your usual Maples Group contact or one of the individuals listed below who would be happy to answer any questions you may have, or provide a formal fixed-fee proposal.
2 In the Cayman Islands under The Tax Information Authority (International Tax Compliance) (Common reporting Standard) (Amendment) Regulations (2018 Revision)
Head of Liquidations Cayman Islands
T: +1 345 814 5748
Senior Vice President Cayman Islands
T: +1 345 814 5760