INSOL Europe/LexisNexis coronavirus (COVID-19) Tracker of Insolvency Reforms—Cayman Islands

INSOL Europe/LexisNexis coronavirus (COVID-19) Tracker of Insolvency Reforms—Cayman Islands

Restructuring & Insolvency analysis: We look at the reforms to the insolvency law of Cayman Islands prompted by the coronavirus (COVID-19) pandemic. Written by Nicholas Fox, partner, Mourant Ozannes, Cayman Islands, member of INSOL Europe.

The Cayman Islands Government has been proactive in implementing measures to minimise the impact of the coronavirus pandemic in the Cayman Islands. The Ministry of Commerce, Planning and Infrastructure has implemented a number of relief measures to support micro and small businesses, including:

  • a micro and small business grant programme: to provide financial assistance to eligible micro and small businesses to provide working capital and to aid in the repurposing and transition of businesses that previously had a large tourist market and have demonstrated the ability to transition to a larger domestic market 
  • a low interest loan programme: administered through the Cayman Islands Development Bank, the Low Interest Loan Programme will provide financial and non-financial support to 100% Caymanian-owned micro and small businesses affected by coronavirus. The programme will provide each borrower with a fully-backed government guarantee, and 
  • a technical assistance programme and government funded training programme: the Technical Assistance and Training Programmes are designed to provide technical guidance, training and coaching to micro and small businesses to assist them in navigating the challenges presented by coronavirus and the recovery therefrom

The government has also enacted regulations to extend the period of temporary lay-off before which severance pay is payable. This extension enables employers to continue to employ staff rather than terminate their employment and ensures that employees retain more of thei

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About the author:

Neeta started her legal career at Allen & Overy in 2008 in the midst of the global financial crisis and the collapse of Lehmans where she gained most of her paralegal experience.

Neeta also did a short stint in litigation at the Revenue and Customs Prosecutions Office in 2006. Neeta graduated with a 2:1 honours degree from University of London, Queen Mary College and went on to obtain a distinction from the College of Law in the Legal Practice. She has been working at Lexis Nexis since April 2013.