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Legal market overview
The Cayman Islands legal market continues to see new entrants. In 2012, Huw Moses OBE, formerly managing partner of Appleby’s Cayman office, and Derek Jones, formerly regional managing partner of Higgs & Johnson, launched HSM Chambers.
Other significant news included Thorp Alberga remoulding as Travers Thorp Alberga after former Maples and Calder chief Anthony Travers joined the firm as senior partner. The practice also recruited Nicole Pineda, previously responsible for the management of Walkers’ Latin American finance practice.
Carey Olsen, which launched in Cayman in 2012, furthered its expansion by welcoming Michael Makridakis from Ogier as a new partner and head of litigation in its Cayman office. Appleby hired Ian Gobin from Walkers’ Jersey office, and senior associate Jonathan Bernstein joined the firm from Ogier; Richard Addlestone, Sherice Arman and Sabrina Leacock meanwhile left for Solomon Harris, Maples and Calder and Paget-Brown & Company respectively.
Ogier also saw departures, with Andrew Morehouse and counsel Colin Berryman both joining Harney Westwood & Riegels as partners in 2013. At Walkers, recent developments include Melissa Lim joining from Maples and Calder in 2012 as senior counsel and being promoted to partner in July 2013; and Rod Palmer and Diarmad Murray leaving the firm.
Search News and Articles
The revised law applicable to Exempted Limited Partnerships (" ELPs "), the Exempted Limited Partnership Law (2014 Revision) (the " Law "), came into force on 2 July 2014.
The Cayman Islands Monetary Authority (the "Authority") has recently issued a new Statement of Guidance for Regulated Mutual Funds, in which it sets out the Authority's expectations regarding the corporate governance regime of regulated mutual funds. We set out details of the Authority's guidance and expectations. Read more...
On 18 February 2013, the Cayman Islands Court of Appeal released its judgment in Re FIA Leveraged Fund. The judgment will be of significant interest to directors and managers of investment funds, as it provides helpful clarification as to what steps they will need to take to ensure that in specie distributions are effective and what their duties are when valuing assets to be used in these distributions. Read more ...
AB Jnr & Another v MB & Others was a significant decision of the Financial Services Division of the Grand Court of the Cayman Islands, relating to a Trust Deed, dated 21 November 1985. The weighty judgment of Hon. Anthony Smellie, CJ, at some 204 pages, follows an In Camera hearing taking place over the course of a 9 week period, between April and June 2012.
On 10 January 2013, the Mutual Funds (Amendment) Law 2012 came into effect requiring Cayman Islands master funds which have a single CIMA-regulated feeder to register with CIMA.
Following the hearing of a preliminary issue in the case of Cesar Hotelco (Cayman) Ltd and others -v- Michael Ryan and others  (unreported at present) the Cayman Islands Grand Court on 19 December 2012 handed down an important and welcome judgment clarifying the relationship between the Cayman Island Registered Land Law (2004 Revision) (the "RLL") and unregistered contractual debentures. This judgment is also important in relation to the issue of acquiescence in the appointment of receivers.
Kyiv, 11 August 2014 - Avellum Partners announced that it has acted as the Ukrainian legal counsel to Ferrexpo in connection with the following three export financing credits:
Avellum Partners announced that it has acted as the Ukrainian legal counsel to Ferrexpo in connection with the acquisition of an electrified railway of over two kilometers long and a power line.
Avellum Partners acted as the legal counsel to the owners of a leading Ukrainian FMCG producer in connection with its sale to a private investor.
KKR, a leading global investment firm, announced an investment in arago AG ("arago"). arago is a German-based high-tech company specialised in IT automation. KKR will acquire a minority stake in arago and support the global roll-out of arago's product portfolio with growth equity.
Funds Legal and Regulatory Update
In early August 2014 „Popov & Partners" Law office was selected by the Ministry of Justice of the Republic of Bulgaria to perform public procurement named „Research and analysis of existing systems for enforcement in the EU Member States, research and exchange of the European good practices related to the construction of electronic system/portal for enforcement". The research is in the framework of „Effective and transparent enforcement, integrated with national and European electronic legal systems" implemented with the grant of the Operational Programme „Administrative Capacity", co-financed by the European Union through the European Social Fund.
In the middle of July 2014 "Popov and Partners" law office was awarded a public procurement, announced by the Ministry of Finance, with subject matter "Analysis of the structure of the Managing Authority of Operational Programme "Administrative Capacity" (OPAC) and development of an offer for structure of the Managing Authority of Operational Programme "Good Governance" (OPGG) in relation to the 2014-2020 programming period". The public procurement is part of a project for analysis of the structure of the Ministry of Finance and Operational Programme "Administrative Capacity" Directorate, realized with the financial support of Operational Programme "Administrative Capacity" (OPAC), co-funded by the European Union through the European Social Fund. The most fundamental aim of all project activities is to guarantee the effective execution of Operational Programme "Administrative Capacity" Directorate at the Ministry of Finance, in its capacity of Managing authority of the new Operational Programme "Good Governance" 2014 - 2020, which will replace Operational Programme "Administrative Capacity" and Operational Programme "Technical Assistance", implemented during the past programming period.
The international media company Bertelsmann is increasing its ownership of Gruner + Jahr to 100 percent by acquiring Jahr Holding's 25.1 percent shareholding. The transaction was agreed among Gruner + Jahr's shareholders. Bertelsmann's acquisition of the remaining shares in Gruner + Jahr will become effective on November 1, 2014. The purchase price is being paid in cash, and the parties have agreed not to disclose the amount.
Hengeler Mueller advises LEG Immobilien AG on acquisition of portfolio of around 9,600 residential uA subsidiary of LEG Immobilien AG ("LEG"), acting as the buyer, and Deutsche Annington Immobilien SE ("Deutsche Annington"), acting as the seller, yesterday signed an agreement for a portfolio transaction for around 9,600 residential units and related employees in North Rhine-Westphalia by way of share deal. The total transaction volume amounts to €484m. Following antitrust approval, the closing of the transaction is expected by the end of October 2014.