Share premium: do you have it?
When the issuance of shares by a company is discussed, the first thought that comes to mind is the share capital raised by the issuance of such shares.
No question you’ll see more life reinsurers in Bermuda
While the emergence of property and casualty (P&C) startups in Bermuda is likely to be muted in the months ahead, the influx of life reinsurers is expected to continue and will only strengthen the Bermuda marketplace, according to Brad Adderley, Partner at global law firm Appleby.
Saunders v Vautier where the beneficial class is not closed - the debate goes on...
The Saunders v Vautier rule is familiar territory for trust lawyers. In the modern world it is understood to mean that the beneficiaries of a trust, if all of full age and capacity, may together terminate the trust and require the trust property to be transferred to them.
Can an employer dismiss an employee for refusing to return to work due to concerns about Covid?
Public health restrictions in Bermuda have been gradually easing in recent months and almost all came to an end on 20 June.
Since our last quarterly update, important developments have occurred with respect to the applicability of the economic substance regime.
The Income Tax (Substance Requirements) Order 2021 was approved by Tynwald on 16 June 2021. This Order extends the scope of the economic substance rules in Part 6A of the Income Tax Act 1970 to cover partnerships, including limited partnerships both with and without legal personality, and limited liability companies (LLCs). The expanded rules will apply to accounting periods commencing on or after 1 July 2021.
Solvency Statements under Companies (Jersey) Law 1991 - Is it time to go paperless?
In April of this year, the Royal Court of Jersey considered the practicalities around the making of a solvency statement pursuant to the Companies (Jersey) Law 1991, as amended. The judgment handed down in the matter of Crystal Lake Investments Limited (2021: JRC104) may well change the way in which these statements are documented in practice going forwards and also serves as a timely reminder to Jersey boards to ensure an appropriate paper trail supports decisions made.
Trust Disputes and the BVI Trustee (Amendment) Act, 2021
In the Trustee (Amendment) Act 2021 (the “Amendment Act”) the BVI legislature has made a number of changes to the BVI Trustee Act (the “Act”) that may affect trust disputes arising in Asia and elsewhere once the Amendment Act comes into force fully.
Virtual Currency in Bermuda: An Update
Bermuda has come a long way in the virtual currency sphere.
Why use Jersey entities in restructurings?
As the extension of various forbearance measures and fiscal support packages continues in response to the global pandemic, Appleby has seen an increase in structuring and restructuring activity. Corporates and corporate groups are using this time to “right size”, restructure existing debt and deploy other processes to secure sustainability and the long term future of businesses. Interestingly, although not surprisingly, we have seen an increase in the use of Jersey entities in such restructuring exercises.
