Cayman Liquidation Committees – What Prospective Members Need to Know

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...

Please see full guide below for more information.

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Topics:  Liquidation, Offshore Companies, Oversight Committee, Wind-Up Process

Published In: Bankruptcy Updates, Business Organization Updates, General Business Updates, International Trade Updates

DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

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