In order to prevent the expense of annual 2018 government registration fees, an appointed liquidator will be required to hold the final general meeting for a company or file the final dissolution notice for an exempted limited partnership on or before 31 January 2018. Furthermore, funds that are registered with the Cayman Islands Monetary Authority ("CIMA") pursuant to the Mutual Funds Law (2015 Revision) ("Funds") will need to have commenced their liquidation and submitted documentation to have their CIMA status changed to license under liquidation by 29 December 2017 if they are to avoid their annual CIMA license fee for 2018.
Consideration for Funds should be given to CIMA’s requirement for a final stub audit. Given CIMA’s current practice, it is exceedingly unlikely that terminating Funds will be granted a partial year audit waiver. Therefore, it is our recommendation that Funds plan to complete a final audit for the period either, up to the date of the appointment of a third party liquidator or to the date of the full payment of the final redemptions. Funds will need to allow for this, both in terms of the time required to prepare and submit the audited financials as well as the associated costs.