(CMR) Cayman Automotive Leasing Ltd. has been placed in voluntary liquidation by the company’s shareholders after an Extraordinary General Meeting was held in late July 2020. CMR understands the company ceased operating and was shut down in May during the COVID-19 pandemic.
The petition for Russell Smith and Declan Magennis of BDO CRI (Cayman) Ltd. of Governor Square to act as joint voluntary liquidators was submitted on August 31. The liquidation commencement date was set for July 23.
The 15-year old company acted as an automobile sales and leasing company and the directors were Randy L. Merren, Paul Pellegrino and Justin R. Bodden. According to the document the company had listed assets of Cl$375,552.23 liabilities totaling $1,168,143.22, for a net liability of $792,590.99 as of 7 June 2020.
The assets consisted of debts owed to the company, rental deposits, a sales office, equipment and furniture. The company’s current liabilities include monies owed to service providers, leasehold arrears, payroll and pension due to Its employees, customer deposits and several long-term loans and debts totaling at least Cl$773,899.00. According to the Profit and Loss Statement for the period of 1 January to 7 June 2020, the company’s net income was negative (Cl$68,984.19).
The company had its leasing office premises in Grand Harbour.