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Article: New Cayman Islands Corporate Insolvency Law.
- Article from:
- Mondaq Business Briefing
- Article date:
- May 5, 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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As of March 1, 2009, the laws of the Cayman Islands dealing with corporate insolvency were updated by the implementation of amendments to the Cayman Islands Companies Law that were originally enacted in 2007 but lay dormant pending the promulgation of three new sets of procedural rules governing the conduct of insolvency matters and an amendment to the rules of the Cayman Islands Grand Court.
The new rules are the Companies Winding-Up Rules 2008, the Insolvency Practitioners' Regulations 2008, the Foreign Bankruptcy Proceedings (International Cooperation) Rules 2008, and the Grand Court (Amendment No. 2 Rules) 2008. Previously, insolvency procedures in the Cayman ...