The Companies Law (2018 Revision) (the "Companies Law") applies only to companies formed and registered under the Companies Law (see s2 Companies Law for a definition of "company" and In the Matter of Dyoll Insurance Company Ltd, unreported judgment of the Grand Court, 9 May 2005). Accordingly, only those companies may be wound up in the Cayman Islands. There is no provision akin to Part V of the UK Insolvency Act 1986 (UK) under which the English court can wind up unregistered or foreign companies.
The Cayman winding up regimes are found in Part V of the Companies Law.
There are three regimes:
- voluntary winding up;
- compulsory winding up; and
- voluntary winding up subject to Grand Court supervision.
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