90 results found

For commercial litigation and cross-border insolvency matters, it is very much ‘business as usual' in the Supreme Court of Bermuda (the "Court").

Bermuda purpose trusts can be established for specified non-charitable purposes.

Insolvency law in Bermuda is principally regulated by the Companies Act 1981 and the Companies Rules 1982, supplemented by a wide body of case law.

Netting, or set-off (the terms are used interchangeable), is the accounting process whereby two parties who have traded together, with each owing the other various sums of money, calculate a “net sum” by adding all sums owed to one party and deducting the sums owed by that party to the other.

The Insurance Amendment (No. 2) Act 2018 (the Act) has been passed in both the House of Assembly and the Senate and now awaits royal assent from the Governor.

Bermuda's flagship restructuring process is the appointment of provisional liquidators, whose powers can be tailored to meet the specific need of a particular situation.

John Wasty leads Appleby Bermuda's litigation and insolvency teams. John has been at Appleby for 15 years, having previously practiced at leading firms in London and Hong Kong, and has been admitted in six jurisdictions.

The Bermuda legislature has recently passed the Trusts (Special Provisions) Amendment Act 2020 (Amendment Act) which amends Bermuda's "firewall" legislation contained in the Trusts (Special Provisions) Act 1989.

A bold judicial reimagining of the Court's existing power to appoint a provisional liquidator for asset preservation purposes, Bermuda's ‘lighttouch' provisional liquidation ...

Solvency II, the European initiative to overhaul the capital adequacy regime of the European insurance industry and create an agreed set of capital and risk management requirements, is scheduled to come into effect on 1 January 2016.

In total, across the six offshore jurisdictions analysed, there were 211 winding-up petitions filed during 2015, and 113 orders were made as a result.

The Bermuda court has no general jurisdiction under the Companies Act or at common law to wind up foreign companies that do not conduct business in Bermuda.

Provisional liquidation in Bermuda is a distinctive, flexible regime that operates to support companies in financial distress or in support of a restructuring.

In a significant decision from the Commercial Division of the Supreme Court of Bermuda, Justice Shade Subair Williams has provided important clarification...

Creditors should exercise caution when negotiating payment terms, asset transfers or securitisation transactions with companies which are in the zone of insolvency.

Bermuda, like a number of other jurisdictions, has a statutory regime to facilitate corporate restructurings by enabling majority shareholders to "squeeze out" minority shareholders through an amalgamation or merger...

Companies wishing to take advantage of the provisional liquidation regime must first present a winding-up petition to the court under section 161 of the act.

The aviation industry has been severely impacted by the COVID-19 pandemic.