Bermuda Insolvency And Restructuring Law Update

Bermuda's insolvency and restructuring landscape is distinct in a number of ways. In this article, we discuss three of those areas with recent developments.

• Bermuda has developed a rescue culture without statutory provisions in support of rescue procedures;
• Bermuda's approach to directors is notably friendlier than many other jurisdictions; and
• Bermuda strives to enable, through regulation, novel corporate activity and structures.

First however, we will begin with a brief overview of the key aspects of Bermuda's insolvency regime.

Bermuda is an overseas territory of the United Kingdom. Its legal system is based on the English common law but, over the years, Bermuda has developed its own distinct jurisprudence in many areas, including insolvency and restructuring.