Insolvency & Restructuring, Cayman Islands updates

 
Primeo: should a liquidator alter register of members?
  • Cayman Islands
  • 20 April 2018

The Cayman Islands Court of Appeal has held that a liquidator cannot use his or her statutory power pursuant to Section 112(2) of the Companies Law to rectify the register of members where the effect would be to override investors' proprietary rights. It held that the section does not aim to provide for substitution of incorrect net asset value if, despite its incorrectness, it has been calculated in accordance with a member's contractual rights.

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