Increase in late filing penalties for changes in directors and officers in the Cayman Islands

The 2013 Cayman Islands Companies Amendment Law has raised the late filing penalties for companies that fail to notify the Registrar of Companies within 30 days of any resignation/appointment of directors and/or officers. Where filing is received 31 days or later after date of change, a penalty of CI$1,000 (US$1,220) per change will be levied. A daily penalty of CI$100 (US$122) per change will also be levied up to a maximum of five days, or CI$500 (US$610). This means that if the filing is received 36 days or later after date of change, the late fee is CI$1,500 (US$1829) per change in total, including daily penalties. The law further provides that any director or manager who knowingly and willfully authorises or permits such default shall be liable for the same penalties. Previously, there was only a daily penalty of CI$10 (US$12) for every late filing beyond 30 days.