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Article: Expansion Of The Cayman Islands Companies Law - Mergers And Consolidations.
- Article from:
- Mondaq Business Briefing
- Article date:
- April 30, 2009
CopyrightCOPYRIGHT 2009 Mondaq Ltd. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Introduction
New provisions of the Cayman Islands Companies Law (2007 Revision) (the "Law") to regulate the merger and consolidation of companies have recently been approved by the legislature. It is anticipated that the Companies (Amendment) Law, 2009 (the "Amendment") will come into effect around the end of April 2009. The new provisions are a welcome enhancement to the Law.
Overview The Amendment introduces a new Part XVA of the Law which allows for the merger and consolidation of companies.
A "merger" involves the merging of two or more constituent companies whereby one of such companies is the surviving company. A "consolidation" involves ...