In this guide Harneys considers the role and function of a liquidation committee appointed under the Cayman Islands’ Companies Winding Up Rules.
A vital component in the liquidation of a Cayman Islands company is the formation of a liquidation committee (Committee) which will assume a consultative role and act in an advisory capacity to the liquidator regarding strategy, decision-making and intentions.
This Guide provides an overview of the law and procedure relating to Committees in the Cayman Islands and aims to furnish prospective members with additional knowledge relating to:
- the formation and function of a Committee
- the rights and duties of individual Committee members
Formation and function of a Committee -
Pursuant to Order 9(1) of the Companies Winding up Rules 2008 (CWR), in almost all compulsory liquidations, the liquidator is required to establish a Committee. The Committee of a company being wound up will be elected at the first meeting of the stakeholders in the liquidation...
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