Cayman Islands segregated portfolios – the test for insolvency
Litigation & Insolvency

Cayman Islands segregated portfolios – the test for insolvency

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.
Harneys listed as top tier offshore firm in Chambers UK rankings for tenth year running

Harneys listed as top tier offshore firm in Chambers UK rankings for tenth year running

Harneys has been recommended as a band 1 firm for British Virgin Islands law in the Chambers UK 2022 guide. This marks a decade that the firm has held this top tier ranking, with sources praising the firm for having a “good brand and talented lawyers”.
The Ministry of Finance announces new measures to attract foreign investment and enhance business activity in Cyprus
Regulatory & Tax

The Ministry of Finance announces new measures to attract foreign investment and enhance business activity in Cyprus

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.
Interesting times ahead – the end of LIBOR is fixed
Corporate

Interesting times ahead – the end of LIBOR is fixed

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.
Clarity in dispute resolution clauses
International Arbitration

Clarity in dispute resolution clauses

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.
Why the Cayman Islands is a preferred jurisdiction for family offices
Private Wealth

Why the Cayman Islands is a preferred jurisdiction for family offices

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.