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Restructuring and insolvency in Cayman Islands: overview
Litigation, Insolvency and Restructuring

Restructuring and insolvency in Cayman Islands: overview

Harneys Partner Nick Hoffman authored a Q&A guide, published by Thomson Reuters Practical Law, in relation to restructuring and insolvency law in the Cayman Islands.
Cayman Islands to require “4(4)” funds to register with CIMA and obtain local audits
Investment Funds

Cayman Islands to require “4(4)” funds to register with CIMA and obtain local audits

The Cayman Islands government has published a Mutual Funds (Amendment) Bill, 2020 (the Bill) which will require previously exempt mutual funds to register with the Cayman Islands Monetary Authority (CIMA) as well as some other changes to the Mutual Funds Law (the Law).
New Cayman Islands private funds regime to be introduced in 2020
Private Wealth

New Cayman Islands private funds regime to be introduced in 2020

The Cayman Islands Government will shortly be introducing new legislation to regulate and require registration of closed-ended funds (which will become known as ‘private funds’) with the Cayman Islands Monetary Authority (CIMA), for the first time.  The Private Funds Bill, 2020 (the Bill) will be debated by the Legislative Assembly in its 30 January sitting.  As a result, the exact terms are subject to change but the major components of the legislation are broadly agreed upon.
A snapshot on SPACs
Corporate

A snapshot on SPACs

The last half of the last decade saw a surge of activity in the alternative IPO space through the use of special purpose acquisition vehicles (or SPACs). The concept is elegant in its simplicity: a SPAC is no more than a newly incorporated company that goes to IPO to raise capital to fund a strategic acquisition 18-24 months later. The SPAC IPO is accordingly referred to as a “blind capital raise” or an “IPO of a company to be named at a later date” and SPACs - new companies without assets, liabilities or operations of their own – are also known as “cash shells” or “blank cheques”.
Important deadlines for BVI trade licence renewals and property tax interest payments
BVI property and real estate

Important deadlines for BVI trade licence renewals and property tax interest payments

All individuals or companies conducting business in the British Virgin Islands are required to obtain a trade licence from the Department of Trade, authorising the particular business operations.  Any trade licence issued is valid until 31 December of any given year.