Contributed surplus: it’s not capital!
Last week, in part one, we discussed the meaning of share premium, the various ways a company may use share premium and its importance when determining the assessable capital of a company.
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.
International Comparative Legal Guides: 5th Edition - Fintech 2021
Appleby's recently published Q&A chapter in the International Comparative Legal Guides (ICLG) 'Fintech 2021' edition offers a practical cross-border insight into fintech law for the British Virgin Islands.
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.
Appleby contributes Cayman chapter to Chambers’ Blockchain 2021
Appleby has authored the Cayman Islands chapter of Chambers and Partners’ “Blockchain 2021” guide. The guide covers 18 jurisdictions and provides the latest legal information on decentralised finance (DeFi); updates to tax systems to consider blockchain and cryptocurrencies; non-fungible tokens (NFTs); initial coin offerings (ICOs); smart contracts; data privacy and protection; and mining and staking.
Guide to cell companies in Jersey
This Guide explains the concept of the Jersey cell company which is governed by Part 18D of the Companies (Jersey) Law 1991. It describes various insurance and non-insurance applications of the cell company before providing a commentary in relation to the major sections of Part 18D of the Companies (Jersey) Law 1991.
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.
“Offshore intelligence – Funds in demand” Appleby Podcast
We have recently produced a podcast focused on the Funds industry entitled “Offshore Intelligence – Funds in demand”.