Government measures in key jurisdictions 2nd edition final pages - Flipbook - Page 26
Cayman Islands
Contributor: Mourant
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Loans and
financial
support
Has the
government put
in place any new
bank funding
schemes?
Employment
•
A Low Interest Loan Programme, administered through the Cayman Islands
Development Bank, will provide financial and non-financial support to 100%
Caymanian-owned micro and small businesses affected by COVID-19. The programme
will provide each borrower with a fully-backed government guarantee.
•
Banks are generally providing customers with an initial three month grace period for
mortgages and personal loans. A further three month extension may be available
upon agreement.
•
Some banks are offering business customers with a remaining loan principal of up
to KYD 2 million, the option to pay interest only for the next three months. Business
customers with higher value loans may be offered assistance by individual agreement.
•
The Ministry of Commerce, Planning and Infrastructure announced that it will
implement a number of relief measures to support micro and small businesses,
including a Micro and Small Business Grant Programme, a Low Interest Loan
Programme (as detailed above), a Technical Assistance Programme and a
government funded Training Programme.
What financial
support is the
government
providing to
•
businesses and
to individuals on
employment issues?
Insolvency
•
Has the
government made
any changes
•
to insolvency
legislation?
Contractual
Issues
What measures
have been taken
to reinforce
contracts?
Hayden Isbister | hayden.isbister@mourant.com | +1 345 814 9125
Hector Robinson | hector.robinson@mourant.com | +1 345 814 9114
Ramesh Maharaj | ramesh.maharaj@mourant.com | +1 345 814 9170
Tony Pursall | tony.pursall@mourant.com | +44 (0)20 7796 7603
The Cayman Islands Needs Assessment Unit provides financial assistance to
individuals in need and this assessment is done on a case by case basis. The
Government has announced that additional funding has been secured for this
purpose. The Government has also provided a one-time stipend for certain persons
working in the public transport industry.
Not yet. However, a draft bill to amend the Companies Law with the introduction
of a dedicated restructuring regime and restructuring officer, is currently in
circulation for industry consultation. This has not yet been reviewed or passed by
the legislative assembly.
The introduction of a dedicated restructuring regime in the Cayman Islands has been
in the pipeline for some time and is not a direct result of the COVID-19 pandemic.
•
We are not aware of any intervention into the workings of contracts governed by
Cayman Islands law and the normal rules apply.
•
The majority of commercial contracts under Cayman law will have force majeure
clauses providing for situations when a party may terminate the contract and/or
be excused for failure or delay in complying with the terms of the contract due to a
specified event. The contract will usually list force majeure events. The question of
whether COVID-19 as a pandemic is a force majeure event will depend on the drafting
of the clause in each case.
Government measures in key jurisdictions
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