2019 Voluntary Liquidations

As we approach year-end, where entities are no longer required, you should consider taking steps now to avoid unnecessarily incurring annual fees in 2020. R&H Restructuring is experienced in delivering successful wind-downs and offer a flexible range of solutions, which can be tailored to specific circumstances. Our team will guide you through the final stages of an entity’s life; providing a clear, concise approach for an efficient closure process

Key Considerations

If you are considering a voluntary liquidation but have concerns that an entity has blockers preventing closure, please get in touch. We have solutions to deal with a wide range of challenges faced during a wind-down, including illiquid assets, contingent creditors and the departure of a management team; we aim to ensure that matters are dealt with effectively and cost efficiently. Matters for consideration when determining earlier commencement include the payment of final distributions to shareholders, filing of final audited financial statements with the Cayman Islands Monetary Authority (CIMA) prior to the final meeting and any further reporting to the Cayman Islands Tax Authority required should the entity be in existence during 2020. With the increase in regulatory costs and requirements, we suggest that entities look at commencing their voluntary winding up as early as possible.

Solutions

In order to avoid unnecessarily incurring annual registration fees in 2020, the following deadlines must be met:

Description	Requirements	Deadline
CIMA Registration Fees	All requirements for CIMA License under Liquidation status must be complied with on or before the deadline.	31 December 2019
Cayman AEOI Regime	All requirements for voluntary liquidation must be complied with and final meetings held (companies) on or before the deadline.	31 December 2019
Registrar of Companies & Exempted Limited Partnership Fees	All requirements for voluntary liquidation must be complied with and final meetings held (companies) on or before the deadline.	31 January 2020

The deadline for the last regularly scheduled Gazette issue of 2019, which will allow us to comply with our statutory obligations and meet the 31 January 2020 deadline, is 12 noon on 11 December 2019. This is the latest date that voting shareholders/general partners can pass the appropriate resolutions, without incurring additional advertising costs. Where possible, we suggest that discussions regarding the voluntary liquidation process begin at the earliest opportunity and that the winding up commences well in advance of the 11 December deadline.

Our services

Insolvency	Court Appointed Liquidations Provisional Liquidation Schemes of Arrangement Receivership
Contentious Fiduciary	Restructuring Directors Trust Disputes
Forensic & Advisory	Forensic Accounting Litigation Support Independent Business Reviews Financial Restructuring
Entity Closure	Wind-down Agent and Director Liquidating Trust Voluntary Liquidation

Experienced, multidisciplinary team

R&H Restructuring is a multidisciplinary team with offices in the Cayman Islands and British Virgin Islands, with a diverse range of experience and specialist skills. We are professionals whose expertise and innovative approaches will provide you with the best possible result. In addition to the Rawlinson & Hunter affiliation, their ongoing strategic international partnerships provides them with immediate access to resources for effectively servicing clients anywhere in the world. This expertise includes fund fiduciary, trust, corporate, accounting and fund administration professionals who hold relevant financial industry licenses in their respective jurisdictions, holding us to the highest of global regulatory standards. We regularly work with our colleagues in these affiliated companies to provide clients with a team tailored to their needs. As a strong, pragmatic partner, we not only add intellectual strength, but also the necessary insight to help provide decisive outcomes. Our clients are the direct beneficiaries of our group efficiency and communication. The flexibility to combine one or more service lines demonstrates our ability to deliver robust solutions to a diverse range of challenges and client needs.

Local expertise, global reach

We are well placed in the offshore market as an experienced, independent practice with minimal conflicts of interest and strong local expertise combined with the global reach of the Rawlinson & Hunter network.