Companies Law Reviews

The Commission undertook two reviews of the insolvency provisions of the Companies Law in order to modernise such provisions.

The Commission undertook two reviews of the insolvency provisions of the Companies Law in order to modernise such provisions.

The Commission had recommended, among other things that-

• the existing law relating to corporate insolvency is unduly complex and out of date and should be repealed and replaced; and
• the practice of attempting to apply foreign insolvency rules to the Islands does not work satisfactorily and there should be established an Insolvency Rules Committee which would be charged with the responsibility of enacting insolvency rules which specifically meet the needs of the Cayman Islands financial services industry.

The first review took place between September 2005 and April 2006 and, upon the referral of the Attorney General, the second took place from 2006 to 2007.

After the second review amendments to the Companies Law were enacted by the Legislative Assembly in 2007.