Official and Provisional Liquidation services in the Cayman Islands has been saved
Official and Provisional Liquidation services in the Cayman Islands
Inevitably there are times when an entity’s financial problems are so severe or there are stakeholder disputes that cannot be resolved resulting that court supervised liquidation is the only option.
The Liquidation process provides a mechanism for the formal winding up of an entity in a controlled manner by a qualified Insolvency Practitioner, realizing assets and making distributions in line with the statutory priority.
Our qualified insolvency professionals have proven experience acting as court appointed Provisional or Official Liquidators. The primary difference is that a Provisional Liquidation is often appointed ex parte, where it is felt that there is an immediate threat to the entity’s assets or structure. By contrast an Official Liquidator is appointed at a Court hearing normally due to a significant stakeholder dispute or the entity’s insolvency.
Many entities that are registered in the Cayman Islands have assets and creditors all over the world and our restructuring professionals have extensive international experience of assignments with complex cross-border asset recovery and related insolvency issues, involving numerous stakeholders. We often work closely with our Deloitte Forensic colleagues to obtain and preserve data and undertake forensic investigations.
Official liquidation services include:
- Pre appointment consultation and advice
- Appointment as Provisional or Official Liquidators including joint appointments with a practitioner from another Deloitte office where required
- Investigation services with assistance from Deloitte Forensic
- Realization of assets including illiquid or contingent assets
- Identification and commencement of legal actions
- Distributions to creditors and shareholders
- Dissolution of the entity in line with all regulatory and statutory requirements