The Bankruptcy Law (1997 Revision) sets out the law and procedures in relation to bankruptcy proceedings. The Grand Court (Bankruptcy) Rules contain the forms that are prescribed for use in bankruptcy proceedings. Copies of the Law and the Rules may be purchased at the Legislative Assembly.
Bankruptcy proceedings may be initiated when a person is unable or unwilling to pay his debts. All proceedings in bankruptcy must be commenced by petition in the Chief Court of Bankruptcy (The Grand Court). A petition may be presented by a bankrupt debtor or by one or more creditors who are owed at least $40.00.
In a straightforward bankruptcy case, a trustee collects and distributes the assets of the debtor for the benefit of his creditors. In some cases, a deed of arrangement may be entered into between a debtor and his creditors with a view to avoiding an adjudication of bankruptcy. The ultimate goal of bankruptcy proceedings is to ensure that debtors and creditors are treated fairly in accordance with the Law and Rules.
Trustee in Bankruptcy
A Trustee in Bankruptcy is appointed under the Bankruptcy Law to administer the estates of debtors in bankruptcy and with the approval of the Court, may appoint an agent to assist where the estate is large enough to justify it. The Clerk of Courts is the person appointed under the Law to be the Trustee in Bankruptcy.
- Foreign Bankruptcy Proceedings (International Cooperation) Rules 2008
- Insolvency Practitioner’s Regulations 2008
- The Companies Winding Up Rules 2008
The Clerk of Court
Grand Court of the Cayman Islands
P.O. Box 495
George Town, KY1–1106
Grand Cayman, Cayman Islands
Tel: 345 949 4296
Fax: 345 949 9856