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The Cayman Islands is a leading financial services centre.. Cayman Islands company law is primarily codified in the Companies Law (2018 Revision) and the Limited Liability Companies Law, 2016, [1] and to a lesser extent in the Securities and Investment Business Law (2015 Revision).
The Companies Act is generally reserved for companies engaged in business physically in Anguilla, and companies formed under it are generally referred to as either "CACs" (an acronym for Companies Act Companies) or "ABCs" (an acronym for Anguillan Business Company).
The law of the Cayman Islands is a combination of common law and statute, and is based heavily upon English law. Law in the Cayman Islands tends to be a combination of the very old and the very new. As a leading offshore financial centre , the Cayman Islands has extremely modern statutes dealing with company law , insolvency , banking law ...
Under Cayman Islands law there is no formal debtor-in-possession form of rehabilitation for companies in financial distress. However, under the Companies Law, a company may enter into a scheme of arrangement and reorganise its debts if the scheme is supported by a majority of creditors holdings 75% in value of the company's debt. [ 26 ]
The Cayman Islands' tax-free status has attracted numerous banks and other companies to its shores. More than 92,000 companies were registered in the Cayman Islands as of 2014, [13] including almost 600 banks and trust companies, with banking assets exceeding $500 billion.
Cayman has introduced a new regime for the licensing and registration of directors of investment fund companies that are “regulated” under the Mutual Funds Law (2013 Revision) and directors of companies registered as “excluded persons” under paragraphs 1 and 4 of Schedule 4 of the Securities Investment and Business Law (2011 Revision).
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Anguillan bankruptcy law regulates the position of individuals and companies who are unable to meet their financial obligations. Bankruptcy of individuals is usually referred to as "personal bankruptcy" in Anguilla, whereas the bankruptcy of corporations is referred to as "corporate insolvency". The legislation largely deals with both ...