Cayman Fund Liquidations: Only A Few Dates Left To Complete Regulatory Filings To Avoid 2025 Fees  

By Alric Lindsay

If you are still considering terminating your Cayman fund by voluntary liquidation, there are only a few dates before the 2024 calendar year ends to complete statutory and regulatory filings. Timely completion is critical because, in doing so, your Cayman fund may avoid annual statutory filing and regulatory fees, which become due in 2025.

Key dates and filings

Regarding key dates and filings, you should have already submitted or be in the process of submitting statutory filings with the Cayman Registrar advising it of the appointment of a voluntary liquidator.  Additionally, if the fund is registered with the Cayman Islands Monetary Authority, then you should have already started the process of deregistering the fund with CIMA, completing any partial year-end audit (or applying for the grant of an audit waiver), settling liabilities, terminating contracts and closing bank accounts.

Assuming you are in the process of completing the above, the next key date will be the final general meeting to approve the liquidation report. Since 21 days’ notice of this meeting is required, you should bear in mind the deadlines below for submission of the notice to the Cayman Islands Gazette and the dates that the Cayman Islands Gazette will publish the notice.

No later than seven days after the final general meeting is held, a statutory filing must be made with the Cayman Registrar, following which the Cayman Registrar will issue a certificate of dissolution.  If your fund is registered with CIMA, you should also submit a copy of the final liquidator’s report to CIMA.

Completing all statutory filings before the calendar year-end and deregistering your Cayman fund with CIMA by then may help you avoid annual regulatory fees, which become payable in 2025.

Notes to readers:

If you are a Cayman fund stakeholder seeking to appoint a voluntary liquidator, please contact [email protected].

The Cayman Islands Gazette publications dates can be found on the below link:

https://www.gov.ky/publication-detail/2024-gazette-publishing-dates-and-submission-deadlines

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