Bankruptcy
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.
Contact details:
The Clerk of Courts
Grand Court of the Cayman Islands
Edward Street
P.O. Box 495
George Town, KY1 – 1106
Grand Cayman
Cayman Islands
Telephone: 345 949 4296
Fax: 345 949 9856