In this two part article, we look at how to migrate existing companies in and out of the Cayman Islands. Elsewhere we look at how to migrate a Cayman registered company to another jurisdiction, but here we concentrate on how to move an existing company, one which is already registered in another jurisdiction, and have it registered in the Cayman Islands.
How do you prove you had what it took?
As a Testator, you are not going to be around to put the record straight on your ability to make your Will. It may be obvious to you and to the lawyer drafting your Will that you are still in possession of your faculties, but if you are unwell, or perhaps choosing to act in an arbitrary fashion, it will be important to leave sufficient evidence of your mental capacity to defeat any potential challenge to your wishes being carried out after your death.
We are who we are
If someone behaves capriciously in life, is the irrational nature of their Will evidence that they lacked testamentary capacity when they made it, or does it prove they were their normal selves? In June the Hong Kong Court of Appeal handed down its judgment on whether a wealthy man with an irrational disposition when he was alive, had sufficient mental capacity when he executed a Will that gave all his money to a "common law wife", and not to his children. (Chiu Man Fu & othrs v Chiu Chung Kwan Ying Hong Kong Court of Appeal)
Cayman Trusts (Amendment) Law 2019 in force from 14th June 2019...
The new Cayman Islands ('Cayman') Trusts (Amendment) Law 2019 (‘Amendment’) will bring...