Prohibitory injunctions restrain a party from taking a particular step, whereas mandatory injunctions require it to take specific action. Oral examination takes the form of a cross-examination under oath, which is transcribed by the court reporter. The transcript can be used at trial, including during cross-examination of witnesses. The test of relevance in the Cayman Islands is wider than standard disclosure in England and includes any document that tends to support or undermine either party’s case, including so-called ‘train of enquiry’ documents. Documents are understood to include anything that is capable of recording or storing information.
Jane Hale is Counsel in our Litigation, Insolvency & Restructuring Group where she specialises in commercial litigation with a particular focus on fund disputes and partnership and shareholder disputes. She also specialises in contentious and non-contentious cross-border insolvencies and restructurings, advising insolvency practitioners, stakeholders and creditors in a range of distressed and insolvent situations. Dentons’ lawyers in the Cayman Islands work with their Dentons’ colleagues globally to provide seamless advice on cross-jurisdictional matters across all practice sectors.
The law is brief in its discussion and states only that Cayman Islands companies must maintain “proper books of accounts.” It makes no mention of specific accounting requirements nor does it mandate any recognized generally accepted accounting principles (“GAAP”) to be used. Share capital – There is no authorized share capital established, and shares may be denominated in one or more currencies. Shares may be with or without nominal or par value, issued at a premium over par value, in fractions of a share, preferred, deferred, or other special rights. Creditors of a “portfolio” are unable to seek recourse from the assets of any of other or from the general assets of the company.
If the account charge is granted by a Cayman Islands company, details of the security interest created by the account charge should be recorded in the company’s register of mortgages and charges in order to comply with Section 54 of the Companies Act. In the majority of cases, the lessee is not expected to be incorporated under the laws of the Cayman Islands and therefore, it is unlikely the lessee would be subject to insolvency proceedings in the Cayman Islands. The local law in the lessee’s jurisdiction of incorporation will govern any such proceedings. The Cayman Islands adopted the use of the Judicial Insolvency Network Guidelines, on 30 July 2018, by operation of Practice Direction No 1 of 2018. An ordinary company must maintain a register of its members which register shall be kept at the registered office of the company and shall be open to inspection by any person.
However, auditors of market traded companies are also subject to the supervision of the Auditors Oversight Authority . Finally, auditors that carry out audits for companies that are regulated by the CIMA are subject to approval and disqualification by CIMA. We support the development, adoption, and implementation of high-quality international standards.
A key to mention is that ES notification acts as a sine qua non of filing the annual ES return for applicable entities. You own a Cayman incorporated company conducting on a relevant entity from a Hong Kong branch. Since Hong Kong branch pays corporate taxes on all of the branch’s income in Hong Kong relating to the relevant entity, the branch is regarded as a tax resident outside Cayman. The same penalties apply where a person intentionally alters, suppresses, or destroys information that is required under an information order or where a person knowingly (Section 44 of the DPL) or recklessly makes a false statement in purported compliance with an information order (Section 44 of the DPL).
Such heirship rights are not recognized in the Cayman Islands as being enforceable against a Cayman Trust. Thus, a Settlor may avoid these restrictions by transferring assets to a Cayman Trust. The New York courts’ rulings do not establish some uniform principle that claimants can assert jurisdiction and standing in New York state court in derivative claims under Cayman Island law. The stipulation provides that plaintiffs’ counsel may seek a fee award from the court out of the settlement fund, but the stipulation makes no reference to the amount of the fee award.
Furthermore, the Cayman Islands also attracts plenty of wealthy vacationers and expats, so services on the island tend to cater to those communities. On the islands, you’ll find both essentials like high-quality private hospitals and extras like excellent local shopping and dining options. With plentiful natural beauty, excellent infrastructure and legal services, a high level of tax-friendliness, and world-class lifestyle options, the Cayman Islands is an excellent place to consider for your second residency. However, if you want to reduce your tax burden to zero , your residency options are much more limited – particularly if you want to live in a country with no income tax. As I mentioned in my article on tax-friendly second passports, one of the most important parts of your tax, business, and personal strategies is choosing where you want to actually live. Whilst the BVI Arbitration Act outlines the law regarding enforcement, the Eastern Caribbean Supreme Court Civil Procedure Rules govern the procedural requirements to facilitate enforcement, which apply to the enforcement of both Convention and non-Convention arbitral awards.
The Cayman Court has jurisdiction to give judgment in the currency of the relevant obligation. There are no specific courts in the Cayman Islands that deal exclusively with aviation disputes and no judicial decisions of the Cayman Court staying permit turkey have been reported in relation to the seizure of aircraft. Any sale of the aircraft would be subject to there being no third-party liens in place. See 2.4.6 Priority of Third Parties’ Rights in connection with such third-party liens.
More than 500 international banks have offices in the Caymans, including nearly every one of the top fifty in the world. Alongside other existing members of the Baker and Partners team, the new Cayman office will enable the firm to provide local, on-the-ground advice and assistance for major legal disputes involving the Cayman Islands through Baker and Partners Limited. Valuations – A private fund shall have appropriate and consistent procedures for the purpose of proper valuations of its assets. Valuations shall be carried out at a frequency that is appropriate to the assets held by the private fund and at least annually.