How discretionary is a ‘discretionary’ bonus?
This article discusses the legal issues employers need to be aware of in relation to the award of discretionary bonuses to their employees.
Private Equity (Transactions) 2022 – British Virgin Islands (BVI)
The Lexology Private Equity (Transactions): Global overview is an easy-to-use reference guide that provides comparative analysis and expert local insight into the field of private equity transaction; corporate governance, disclosure and timing considerations; dissenting shareholder rights; key purchase agreement provisions; participation of target company management; tax; financing; shareholders’ agreements; exit strategies (including IPOs); target sectors; cross-border considerations; club/group deals; and key recent developments. The following article, focused on the British Virgin Islands (BVI), is taken from the chapter contributed by Appleby.
Trustee Knowledge Series: Advanced Paper Eight: Amending Mistakes
It is almost inevitable that during the life of most trusts (which can now last indefinitely in many jurisdictions) there will be some sort of mistake. The remedy available is dependent on who made the mistake, the nature of the mistake and when the mistake was made. Whilst some mistakes can be remedied without too much trouble, there are some mistakes incapable of being remedied and others that will require the approval of the court. With the exception of mistakes made by the draftsman of the trust document, the Trusts (Jersey) Law 1984 (Law) was amended by the Trusts (Amendment No. 6) (Jersey) Law 2013 to put the doctrine of “mistake” onto a statutory basis.
Flexibility of Bermuda fund structures
Investment managers that register their funds in Bermuda will find a flexible fund regime.
The International Stock Exchange (TISE) has launched its new bespoke auction trading system, NOVA
Appleby is a leading listing agent with TISE, which listed 1,111 securities during 2021 against the backdrop of the coronavirus global pandemic.
Most wills are public, unless you are a royal
The public nature of wills has recently been hotly contested in the United Kingdom, where the practice of making wills of ordinary folk public, versus sealing royal wills, has been in focus.
Welcoming Fintech Innovation in the Isle of Man
The Isle of Man Financial Services Authority (IOMFSA) has published online support for fintech innovation and a request for input on the future regulation of crypto-assets.
Anonymisation of decisions: an invitation to consider this more but the unscrupulous need not apply!
The adage that ‘justice must not only be done, but must also be seen to be done” derives from a criminal case but is often quoted more generally; and the public nature of civil proceedings in Jersey and Guernsey still forms a strong incentive for parties to consider alternative means to resolve disputes in private such as mediation. However, the courts and tribunals are prepared to hold certain types of proceedings in private and issue anonymised judgments where doing so would be just and appropriate. For example, doing so is established practice in family law cases, where there is a need to protect the identity of children; and, for similar reasons, in cases concerning trusts or foundations.
Taking a Jersey company private: Is there a new kid on the block?
This article focuses on the emergence of a statutory merger under Part 18B of CJL as an alternative method of implementing a take-private of a Jersey company following the recent take private of Atrium European Real Estate (AERE) by Gazit-Globe Limited (on which Appleby advised AERE (see Appleby advise Atrium European Real Estate Limited on its ground breaking €1.45 billion merger with Gazit Globe Limited)
Employment status: what is it and why does it matter?
Most legal protections for workers in Bermuda are contained in the Employment Act 2000 (EA 2000) and are available only to “employees”. This article explores the legal definition of the term and its importance, as well as potential future developments in this area.
Company re-domiciliation into and out of Jersey
The United Kingdom government has recently finished a first round of consultation on a proposed new regime allowing overseas companies to re-domicile to the UK.
Update: Expansion of the Jersey Insolvency Toolkit
The adoption of the Companies (Amendment No. 8) (Jersey) Regulations 2022 (Regulations) [last week] brings welcome changes to Jersey’s insolvency toolkit.