Security Protection - Registration, Amendment And Release Requirements In Bermuda, BVI And The Cayman Islands

This article examines the laws of Bermuda, Cayman Islands, and the British Virgin Islands (the "BVI") as such laws concern the registration, variation and release of charges and other security interests created over assets and certain rights of companies (not including charges over land, ships or aircrafts) and the impact, if any, of registration on the determination of the order of priority of competing charges.

Bermuda

Public Registration: Part V of the Bermuda Companies Act 1981 (as amended) (the "Companies Act") provides for the operation of a public register of charges, a system of registration and of priorities amongst registered and unregistered charges. It applies to any charge on the assets of a Bermudian company wherever situated and to any charge on property located in Bermuda created or acquired by a company incorporated outside Bermuda.