Cayman Islands Law Update: the Exempted Limited Partnership Bill and the Contracts (Rights of Third Parties) Bill
Following extensive consultation in both the public and private sectors, the Exempted Limited Partnership Bill 2014 (the ‘ELP Bill’) was gazetted on 21 February 2014. The ELP Bill is a major reworking of the current Exempted Limited Partnership Law and is expected to be passed into law by the end of the first quarter of 2014.
The ELP Bill seeks to increase the attractiveness of the Cayman Islands as a leading domicile for partnership formation by offering greater clarity and flexibility for exempted limited partnerships that will benefit investors…
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The court looked at the issue of whether a stranger to a trust, who dishonestly assists in a breach of trust, is a ‘trustee’ within the meaning of s21(1)(a) of the UK Limitation Act 1980.
It is not unusual for a settlor to impose confidentiality conditions upon trustees by the terms of the trust. However, there are limits to the extent to which information may be withheld from beneficiaries.