Upon registration, the Clerk issues a registration certificate for the partnership, usually within 3-5 business days of filing the application or within 24 hours when the request is made expressly and an express fee is paid. Please contact us for details on the current government fees to be paid. The Sponsorship Partnerships Act (PLP) governs the formation of exempt limited partnerships (ELPs) in the Cayman Islands. The Partnership Act also contains provisions that are relevant to UNEP issues, as this is the most important legislation for partnerships in general. Subject to the partnership contract, any commander can demand and obtain from the Komplenurngesellschaft a real and complete picture of the state of the activity and the financial situation of the partnership. In accordance with page 64 of the Companies Act (Revision 2018), the Court may, at the request of a shareholder holding at least one-fifth of the shares of a company, appoint an inspector to investigate the company`s case and report to the Court of Justice. This could be a remedy for the sponsors, who are also minority shareholders of Kompleporen, a unit established in the Cayman Islands. In the event of a transfer of a shareholding by the company, the purchaser is generally admitted to the partnership according to the formalities provided by the social contract. Once the conditions of authorization are met, the ELP Act provides that the new partner is considered bound by the terms of the partnership agreement and is bound to them, as if all parties had executed and delivered it together.
This briefing note contains a summary of the main legal requirements and general principles governing the incorporation, registration, operation and termination of limited partnerships by category in the Cayman Islands. Finally, the ELP Act specifies that the Court of Justice has the power to make any liquidation decision it deems fair and equitable.  The non-provision of information may provide the Commander with a sufficient basis to place a liquidation petition on the right and fair substance if it is associated with apparent evidence of misconduct or management. The usual reasons for using such a petition would be based on: (i) the lack of likelihood on the part of the directors; (ii) the need for an independent investigation into the affairs of the company; (iii) deadlock; v) the repression of minority shareholders; iv) loss of substrate; and (v) quasi-partnership. The elP law provides that UNEP partners are free to agree on corrective measures for any violation of the partnership agreement, and these remedies will not only be unenforceable on the basis of a criminal nature.  In the absence of contractual remedies, the commander has a number of general justice and remedial measures in relation to offences committed by the associated partner to provide information. The registry can be kept electronically and must be updated within 21 days of the changes. The register (and the minutes of the address to which the register is kept if it is not kept at headquarters) can be accessed by all partners (subject to an express or implied duration of the partnership agreement) and by any other person, with the consent of the co-editor. A complederr may, subject to the partnership agreement, transfer or grant a security interest to its general interest in society, even with the written agreement of another compleporatator.