Unravelling
complexity.

The Grand Court of the Cayman Islands has recently considered for the first time in In the Matter of Obelisk Fund SPC and In the Matter of Obelisk Global Focus Fund the appropriate insolvency test to be applied in respect of Cayman Islands segregated portfolio companies.

Commencing in Q1 of 2022, new policies will be implemented facilitating: (1) Employment of third-country nationals who are employed by foreign interest companies/businesses, as well as for Cyprus companies who add value to the Cyprus economy; (2) Employment of third-country nationals with either a minimum gross monthly salary of €2,500, or a maximum gross monthly salary of €2,500; (3) Family re-unification rights of third-country nationals belonging to the Business Facilitation Unit; (4) Simplifying and fast-tracking the process of granting work permits; (5) Digital Nomad Visas; (6) Tax incentives for employees; (7) Other tax incentives; and (9) Citizenship.

In recent months, there has been an increase in instructions relating to LIBOR facility amendments, driven by the planned discontinuation of LIBOR on 31 December 2021.

How do English and BVI courts address inconsistencies in arbitration clauses? The English Court of Appeal decision in AdActive Media Inc v Ingrouille [2021] EWCA Civ 313 demonstrates that English courts will make every effort to honour the express terms of a contract.

The Cayman Islands is a highly attractive jurisdiction for setting up family offices and in recent years, many ultra-high net worth families have chosen to make the British Overseas Territory in the western Caribbean Sea both their home and their headquarters for their global operations.

BVI financial institutions, funds, fund managers, professionals and other entities that engage in “relevant business” must have a money laundering reporting officer (MLRO) in place at all times. This guide sets out a high level summary of the various rules and regulations applicable to MLROs in the BVI.

The BVI Business Companies Act 2004 (the BC Act) provides an extremely flexible framework for reorganisations or restructurings involving solvent British Virgin Islands companies. This guide outlines key considerations under the BC Act and other relevant law regarding the following: share and asset sales, including “hive-outs” and “hive-downs”; inter-company financing and re-financing; distributions, including “hive-ups” and share buybacks; mandatory redemptions (“squeeze-outs”); mergers and consolidations, including “de-merger” structures; plans and schemes of arrangement, continuations and discontinuations; and new incorporations and voluntary liquidations.

All types of Cayman Islands partnerships are now being transitioned to within scope of the Cayman Islands economic substance regime.

Partner Ian Mann and Associate Moehsa Ramsey-Howell discuss cross-jurisdictional issues that prevailing parties should consider when using a third-party debt order to collect payment.

One of the many flexible features of the BVI Business Companies Act 2004 (the BC Act) is the ability both to continue a foreign company as a BVI company under the BC Act and also to continue a BVI company under the laws of another jurisdiction (commonly referred to, respectively, as a continuation and a discontinuation or continuation out). This guide provides a brief overview of the process and requirements for continuations and discontinuations.