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By Tony Heaver-Wren (Aug. 24, 2021 at 4:13 p.m. EDT) – In the Cayman Islands, it is common for insolvent companies to go into liquidation via a voluntary or solvent liquidation. This intermediate step serves as a quick and inexpensive way to transfer control of the company to qualified insolvency practitioners without the delay and hassle of liquidation proceedings.

However, the insolvent company cannot remain in voluntary liquidation and the Companies Act requires the voluntary liquidators to apply to the court to have the liquidation converted into a court-supervised bankruptcy liquidation if declarations of solvency are not received from the directors of the company within 28 days of the Appointment of Volunteers…

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