Cayman Islands: Credit Control and Cashflow

Conducting an independent AML audit at a frequency based on the nature, scale and complexity of the entity is a requirement under the AML Regulations.

Year-end preparations for financial firms are well underway, with the associated deadlines coming into view. Cayman Islands-based entities that are approaching or have reached the end...

Sponsors working with multi-jurisdictional fund structures are well-acquainted with the use of Cayman entities acting as its investment manager/advisor and/or investment fund vehicle.

The insolvency law of the Cayman Islands, which is primarily embodied in the Companies Law and Companies Winding-Up Rules, was the subject of a major overhaul in 2009, bringing the insolvency regime up to date, introducing some new concepts, improving the options available to creditors and formalizing the system for cross-border co-operation in insolvency proceedings.

Liquidators were appointed over Fairfield Sentry Limited, Fairfield Sigma Limited and Fairfield Lambda Limited (together "the Funds") by orders of the BVI High Court dated 21 July 2009, 21 July 2009 and 23 April 2009 respectively.

As well as issuing claims in mistake and restitution in the BVI Commercial Court and the US State Supreme Court, the liquidators of Fairfield Sentry Limited ("the Fund") also petitioned for and, on 22 July 2010 obtained, Chapter 15 recognition in the United States Bankruptcy Court for the Southern District of New York.

Bringing on an outside team to handle accounting and reporting can help alternative asset managers focus on their core competencies.

An exempted company registered as a regulated mutual fund is also required to pay an annual fee to the Registrar.

The Cayman Captive Forum (CCF) is celebrating its 30th anniversary as today's event is universally recognised as the largest captive insurance conference in the world.

During the last twenty-five years the Cayman Islands have developed into one of the world’s largest international financial centers, with more than 300 hundred active licences for banks and trust companies, 700 insurance companies and over 7,000 mutual funds. The stock exchange has approximately 1,000 listed entities with a market capitalization of over US$77 Billion.

The Cayman Islands make up the world's fifth largest financial centre.

The Cayman Islands has become the leading offshore jurisdiction for the citing of offshore owner/lessor/securitisation SPCs in asset finance transactions.