Solomon Harris also provides legal opinions on all types of transactions involving Cayman Island companies. The purpose of obtaining a formal Cayman Islands opinion is to ensure that the Cayman company's obligations are binding and enforceable in the jurisdiction concerned. The purpose of the opinion letter is to satisfy the party relying on it:
- Of the due incorporation, good standing and legal existence of the Cayman company. This will involve
- obtaining a "certificate of good standing" from the Companies Registry which states that the company has paid all taxes and corporate fees.
- Reviewing the corporate documents of the company in question, including, but not limited to the Memorandum and Articles of Association and the corporate registers of the company
- That all consents, authorisations and registrations which are required for the documents which are the subject of the legal opinion have been obtained.
- That there are no insolvency events or litigation which would cast doubt on the ability of the company to comply with its obligations under the documents in question.
- Of the validity of the execution of the documents for which the opinion has been obtained.
- That the documentation creates binding obligations on the company which are enforceable in the governing jurisdiction of the documents and in the Cayman Islands.
- That the lawyer giving the opinion is qualified to do so.
If you have any questions regarding the provisions of legal opinions, please contact Ian Jamieson IJamieson@solomonharris.com