1. OVERVIEW
1.1 Where would you place your jurisdiction on the
spectrum of debtor to creditor-friendly jurisdictions?
Bermuda is a self-governing British Overseas Territory. The
systems of law administered in Bermuda are local Bermudian
legislation, Bermudian common law (as developed from English common
law), and UK legislation expressly made applicable to Bermuda.
Bermuda has its own Court system, including a designated
Commercial Court which is part of the Supreme Court of Bermuda,
with rights of appeal to the Court of Appeal for Bermuda, and then
the Privy Council in London.
The formal procedures available for companies in financial
difficulties are principally contained in the Companies Act 1981
(the winding up provisions of which are substantially modelled on
the UK's Companies Act 1948). Some provisions of the Bankruptcy
Act 1989 are also applied to companies, by virtue of section 235 of
the Companies Act 1981, and there is some scope for debate as
