The government of the Cayman Islands is proposing radical changes to the jurisdiction's companies law, aimed at simplifying the legislation and making the provisions more suitable to the needs of the Cayman Islands financial services industry.

A bill to repeal and replace part five of the Companies Law in order to reform the legislation relating to the winding up of companies was published as Supplement No.1 of Gazette No.18, dated 3 September, 2007.

The bill, which was debated on 17 September in the Legislative Assembly, reflects the Law Reform Commission's 2005 recommendations, following a four-year private sector review of...