In the event that a managed company is no longer required by the client, the methods of terminating a company currently available under Manx law are as follows:

• Dissolution
• Members' voluntary liquidation
• Creditors' voluntary liquidation
• Strike off by court order

Dissolution is the most straightforward process, subject to the company having discharged all its assets and liabilities. Costs of dissolution are £500 (plus VAT as appropriate) plus £50 in respect of statutory fees. The dissolution process takes approximately three months from the commencement to formal removal of the company from the public register.

It is the policy of Cayman National to ensure that clients take a responsible approach to the termination of a company. It is not possible to effect this process other than by one of the above formal legal mechanisms. Potential clients should be aware of this fact prior to establishing a company relationship.