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ARTICLE · 08 JULY 2021

She Sells Sanctuary: Firewall Legislation And Bermuda's Recent Reforms

Carey Olsen
Carey Olsen
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Ashley Fife provides an overview of the current state of Bermuda's firewall legislation and its recent trust law reforms.

BermudaCorporate/Commercial Law
Ashley Fife
Ashley Fife
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Ashley Fife provides an overview of the current state of Bermuda's firewall legislation and its recent trust law reforms.

ABSTRACT

  • To what extent are assets in trusts existing under the laws of an 'offshore international financial centre (IFC) sheltered from claims made under other jurisdictions' laws against settlors, beneficiaries trustees or trust property? Many IFCs have experienced challenges drafting clear, effective and appropriate firewall legislation.
  • This article considers factors relevant to the protection that firewall legislation provides to trust property; primarily from the perspective of Bermuda, which recently updated the firewall provisions contained in the Trusts (Special Provisions) Act 1989 (the Act). 1

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