The government recently held a virtual meeting with the heads and delegates of financial services industry associations in Cayman to allow it to engage with them directly on various COVID-19-related business continuity plans relating to the financial services industry. It is hoped that any chosen actions will be taken swiftly, consistent with the government's stated desire of assisting users of the financial products that the jurisdiction offers.
In light of the COVID-19 pandemic and with many people now working remotely, companies are increasingly considering the use of digital contracts and electronic signatures. To help minimise disruption and ensure business continuity, this article summarises the legal position in the Cayman Islands and provides practical advice on implementation.
To help Cayman hedge funds navigate the myriad issues brought about by COVID-19, this article offers a high-level checklist for fund directors and investment managers to consider. The checklist covers operational issues, issues around liquidity and possible termination and communication and reporting considerations. Each of these topics is considered in turn in relation to a typical standalone corporate open-ended Cayman fund. That said, most of the checks can be applied using a variety of Cayman vehicles.
Among myriad other things, the COVID-19 situation demonstrates the importance of having an up-to-date, valid will. Luckily, those who are not frontline or essential workers but are spending their time in lockdown or self-isolation may now have time to catch up on this life admin task. However, due to the current restrictions, making a will is likely to take a different format than normal.
Without prejudice privilege attaches to written or oral communications made for the purpose of a genuine attempt to compromise a dispute between parties. The effect of this rule is that such communications are generally not admissible in evidence. As demonstrated by a recent Grand Court decision, the protection provided by without prejudice privilege is important, but can be a complicated area to navigate.