If you are considering liquidating an entity, now is the best time to commence the termination process to avoid the 2019 annual fees. Our liquidations team created a handy guide to identify the specific needs and next steps to take in each case. In each of the below scenarios we cover the responsibilities, roles, deadlines, timeframe each process takes to complete and all other information you need to end the lifecycle of a Cayman entity. Contact one of our specialists below if you wish to know more and receive a copy of the guide.
Voluntary Liquidations
Appropriate for: Cayman companies which have been active and had substantial assets and liabilities and want to reduce any potential risk for directors / shareholders / investment managers.
Strike Offs
Appropriate for: Cayman companies or partnerships. Entities which have not engaged in substantial business activity, never traded or have been dormant for a considerable length of time.
Partnership Dissolutions
Appropriate for: Cayman partnerships which have engaged in business activity, had creditors and which prefer a comprehensive closing procedure.
CIMA De-registration
Appropriate for: Mutual funds regulated by the Cayman Islands Monetary Authority (CIMA) who have never carried on business OR where the fund has ceased to carry on business as a mutual fund.
US Cancellations/Dissolutions
Appropriate for: Inactive entities of any type registered within the US.
Voluntary liquidation is administrative but acting as liquidator comes with risks and continuing responsibilities. Retaining Intertrust to manage your voluntary liquidation not only ensures the liquidation steps are completed correctly but also ensures the liquidation is done economically.
Intertrust US can also handle cancellations and dissolutions in all 50 US states.
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.
