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Cayman Islands corporate insolvency law is almost entirely codified across a number of statutes including the Companies Law, the Bankruptcy Act (1997 Revision) and the Companies Winding Up Rules 2008 . In the Cayman Islands a company will be deemed to be unable to pay its debts if it fails to satisfy a judgment debt or statutory demand letter ...
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).
Both types of fund also take advantage of generally applicable rules in their jurisdictions to minimize the tax burden on their investors, as well as on the fund managers. As media coverage increases regarding the growing influence of hedge funds and private equity, these tax rules are increasingly under scrutiny by legislative bodies. [2]
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 ...
A hedge fund is a pooled investment fund that holds liquid assets and that ... The Cayman Islands was the leading ... and are subject to rules and provisions of the ...
Investors in the funds lost approximately $1.6 billion and “the two supposedly independent directors appointed by Walkers to serve Cioffi’s two hedge funds were Scott Lennon and Michelle Wilson-Clarke” [26] were found by the Cayman Islands court to be conflicted as they were employees of an affiliate of Walkers. In his judgment the Chief ...
However, different sources may vary in relation to market share according to (i) which jurisdictions are considered to be "offshore" and which types of collective investment schemes are included. In relation to hedge funds (the archetypal offshore fund product) Cayman has a dominant market share.
The Cayman Islands is a major international financial centre. The largest sectors are "banking, hedge fund formation and investment, structured finance and securitisation, captive insurance, and general corporate activities". [14]