New Limitations on the Length of Stay for Visitors to Bermuda
In November 2022, The Minister of Economy and Labour, the Hon. Jason Hayward, JP, MP, announced that the Government would be moving to amend their policy relating to guest visitors whereby visitors (i.e. those arriving as tourists without any visa or work permit) have been able to remain in Bermuda for 180 days before leaving for as little as one day, only to return for up to 180 days. The intention, as stated by Minister Hayward at the time, was to “mitigate visitors circumventing Immigration controls”.
Technology Experience a Must for Board Composition
Corporate governance is an enterprise-wide endeavour that addresses all aspects of an organisation. Obviously, the most material, if not critical, aspects of the organisation should receive corporate governance priority.
Derivative Action: A shareholder’s remedy to protect the interests of the Company
Generally, when there is a wrongdoing committed against a company, it is the company itself which acts. The decision to initiate proceedings rests with the directors and not the shareholders. The latter are normally precluded from initiating proceedings on behalf of the company and the courts are rarely inclined to intervene into the management of a company. However, there are instances where certain specified types of wrong are committed by the directors against the interests of the company and in breach of their fiduciary duties, which can allow shareholders to have recourse to the Court on behalf of the company. Such an action is known as a derivative action and has as its principal objective to protect the interests of the company.
After a robust 2023 for ILS, five experts in this space debated the changing role ILS is playing in the wider risk transfer markets, their views on 2024—and the impact on Bermuda of other domiciles.
The Global sees us share updates and insights from across our network of international offices on the latest legislative news, trends or developments impacting the corporate offshore industry.
The Global – your offshore corporate law questions answered
The Global is Appleby’s quarterly collection of expert insights and analysis on the latest developments in offshore corporate law. Here are follow-up FAQs from the insights we shared in the Q3 Review edition.
The Financial Crimes Commission Act in Mauritius: Strengthening Efforts to Combat Financial Crimes
The passing of the Mauritius Financial Crimes Commission Act on 21 December 2023 (the Act) marks a commendable and significant milestone in the country's ongoing efforts to combat financial crimes. This comprehensive legislation establishes the Financial Crimes Commission (the Commission) as the principal agency responsible for detecting, investigating, and prosecuting various financial crimes, including corruption, money laundering, fraud, and drug financing. This E-Alert discusses the key highlights and benefits of this Act and emphasises its importance in strengthening the fight of Mauritius against financial crimes.
Bermuda: Cat Bond Market Momentum to Persist After Year of Surprises
It’s been a record breaking year for the catastrophe bond market, and the momentum is having a positive influence on the wider insurance-linked securities (ILS) sector, according to Brad Adderley, Bermuda Managing Partner, Appleby.
BVI Court hands down its written judgment outlining its reasons as to why s. 284 and 285 of the BVI Insolvency Act, 2003 - the summonsing of an officer or former officer of a BVI company (amongst other people) for examination under oath -– has extraterritorial effect.
Service via NFT Air-Drop as Good as Gold in the BVI
In the case of AQF v (1) XIO (2) VQF, (3) CGN the BVI Court approved an ex parte order for service by alternative means by serving the “unknown” First Defendants by non-fungible token (NFT) airdrop to digital wallet addresses in the BVI’s first published decision permitting alternative service via NFT air-drop under the new Eastern Caribbean Supreme Court Civil Procedure Rules (Revised Edition) 2023, as well as a mandatory freezing and disclosure order against the Second and Third Respondents as “issuers” of the tokens.
Schemes of Arrangement are often used as a successful restructuring tool, whether by way of a scheme promulgated in a company’s home jurisdiction or overseas.
Crypto Debt finds firm ground in the Singapore High Court for supporting a winding up petition. Would the same apply in other common law jurisdictions, including the BVI?