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You will need to analyse the different elements of the transaction and consider whether as a matter of substance it is fair to say that the transaction did actually happen on the historic date.
In the case of a transfer of assets, you may need legal advice as to whether the beneficial interest in those assets has already passed, even though some formalities still need to be completed.
If the parties to an agreement governed by Cayman Islands law would like the agreement to take effect from a date earlier than the date upon which the agreement was signed and entered into, the parties should expressly state in the document that it is intended to be effective from a date earlier than the date on which the parties entered into the agreement.
It should be made clear in the document that notwithstanding it being entered into on the date of execution by the parties, it is to take effect from a date in the past.
the date when legal ownership of the assets actually passes).
That agreement may also provide for a historic ‘effective date’, so that the seller and buyer agree between themselves to treat the transaction as if it happened on 31 March.
But there may still be a desire to backdate the economic effect.
Backdating the economic effect of a transaction which hasn’t happened yet In other cases it may be clear that the transaction has not happened yet.
– in some cases specific legal formalities may need to be complied with in order to perfect the transaction.
For example, a transfer of land may need to be documented in writing and registered in order to be effective.
This is obviously something you will want to discuss with your auditors.
It seems simple, but which date to write on a contract, and how to interpret the dates often raises some fiddly.