In order to conduct the liquidation procedures the Court will appoint an official liquidator that will investigate the company’s activities and will proceed to the company’s winding-up.

For help in cases of compulsory liquidation you can request the legal services of our Irish representatives in company formation.

It is expected that CRS will be enforced in Cayman in a disciplined and systematic manner.

There are many issues facing a business owner who is considering or facing a business closure or transfer.

This document aims to provide you with high-level information on these issues and links to more detailed information to help guide you through this process.

All Reporting Financial Institutions must also review any delegation of their responsibilities, adopt written policies and procedures and submit reports which are due by 31 July.

This advisory summarises the core requirements for Reporting and Non-Reporting Financial Institutions; addresses certain common misconceptions; and recommends practical steps to ensure compliance.

Company winding-up in Ireland can be done through court liquidation or voluntary liquidation that can be requested by the creditors or by the company members.

Court liquidation in Ireland can only occur if one or more creditors address the Irish High Court and petition for a winding-up order and the appointment of a liquidator.A Cayman Islands entity which is a Financial Institution will have certain obligations under CRS.There are four categories of Financial Institution, the most common being an Investment Entity (which includes most types of investment funds).You need to retain financial and other records for 6 years following closure.If you use a business name you must inform the Companies Registration Office that you have ceased trading within 3 months. You can cancel your tax and VAT registration with Revenue by filling out a Tax Registration Cancellation Notification (form TRCN1)(pdf).Many funds point to the need for adequate cash reserves, insurance, and perhaps additional savings or government bonds before placing the remainder in a mutual fund.