Decision Notice - ManagementPlus (Cayman) Limited (2019-03-27)

Summary

This is a Decision Notice issued by CIMA revoking the Companies Management Licence of ManagementPlus (Cayman) Limited (Lic# 557270). It sets out a list of ongoing, unresolved breaches of the Companies Management Law (2018 Revision) that led to the revocation and confirms the licence was cancelled effective the day after issuance.

• Audited accounts: Failed to prepare and submit audited accounts for the years ended 31 December 2014 to 2017, contrary to section 13(2)(a) of the CML.
• Annual fee: Failed to pay its annual fee for 2019, contrary to section 6(2) of the CML.
• Certificates of Compliance: Failed to submit Certificates of Compliance for the years ended 2013 through 2018, contrary to section 13(2)(b).
• Access and information: Failed to provide access to books, records and documents and to allow copies to be made, and failed to provide requested information or explanation, contrary to section 16(2)(a) and (c).
• Certificate of Insurance: Failed to provide a copy of its Certificate of Insurance as requested, contrary to section 17(6).

Based on these breaches, the Authority formed the opinion under sections 18(1)(a), (b) and (c) of the CML that the licensee was or was likely to become unable to meet its obligations, was operating in a manner detrimental to the public interest or to clients/creditors, and had contravened the law. The licence was revoked under section 18(1)(i), effective 28 March 2019.

Applies to

company managers, companies management licensees

Deadlines

• 28 March 2019: Effective date on which the Authority's revocation of MPCL's Companies Management Licence takes effect.