Corporate recovery and insolvency practitioners in the Cayman Islands have launched the Cayman Islands member association of INSOL, the International Association of Restructuring, Insolvency & Bankruptcy Professionals.

The Recovery and Insolvency Specialists (Cayman) Association Ltd recently held a launch event at the Westin Casuarina.  Founding members include experts from Baker Tilly Cayman and the organisation has already attracted more than 100 members from the legal, insolvency and fiduciary sector and will focus on promoting technical and commercial best practice through event-based education and networking, as well as on enhancing the profile, reputation and capabilities of the Cayman Islands as a jurisdiction.  The affiliation with INSOL joins the local chapter with more than 9,000 members in 45 countries worldwide.

The launch of RISA Cayman was well-received, both in terms of new members and corporate sponsors, and a principle focus of the organisation will be on education, which is an important theme and ethos of INSOL.  The promotion of education by the Cayman INSOL Chapter may one day include a basic certificate of proficiency in Cayman Islands legislation and insolvency and a longer term generation of Statements of Insolvency Practice.  The association plans to host technical update events, including legal and regulatory updates, judiciary panels and panels addressing technical and commercial issues on a regular basis, as well as hosting another one-day INSOL conference in the Cayman Islands in late 2012 or early 2013 and possible road shows in key global financial centres.

The Cayman Chapter of INSOL will form three committees on education, events and legal and regulatory issues with a view to harnessing member views and coordinating responses on emerging legal and regulatory issues together with other industry bodies and the Law Society.

Should you have any questions or comments on this development, please contact Baker Tilly Cayman.