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 Judicial Committee of the Privy Council in London.
As in other jurisdictions that follow English common law, there
are various ways by which a creditor can take security over assets
in Bermuda by agreement between the creditor and the debtor
including by way of: legal mortgage; equitable mortgage; fixed
charge; floating charge; pledge; contractual lien; and
assignment.
