Close-out netting for BVI, Cayman Islands, Guernsey, Jersey and Luxembourg counterparties
Ogier is counsel to the International Swaps and Derivatives Association (ISDA) in Guernsey and Jersey and provides netting and collateral opinions that are available to members from ISDA’s website and updated on an annual basis. The law firm is often asked to advise on the enforceability of close-out netting and set-off provisions under ISDA and other standard form agreements (including prime brokerage agreements) against counterparties incorporated or registered in the British Virgin Islands (BVI), the Cayman Islands, Guernsey, Jersey or Luxembourg.
This involves an analysis of the extent to which local laws recognise the enforceability of such provisions in pre- and post-insolvency circumstances. The relevant legislation from each jurisdiction is summarised in general terms in this briefing. Upon request, Ogier is able to provide opinions in respect of specific counterparties/types of counterparties and agreements.
The Insolvency Act 2003 of the British Virgin Islands (IA) provides that the netting of financial contracts is legally enforceable notwithstanding any provisions of the IA or the Insolvency Rules…
If you are registered and logged in to the site, click on the link below to read the rest of the Ogier briefing. If not, please register or sign in with your details below.
Sign in or Register to continue reading this article
It's quick, easy and free!
It takes just 5 minutes to register. Answer a few simple questions and once completed you’ll have instant access.Register now
Why register to The Lawyer
In-depth, expert analysis into the stories behind the headlines from our leading team of journalists.
Identify the major players and business opportunities within a particular region through our series of free, special reports.
Receive your pick of The Lawyer's daily and weekly email newsletters, tailored by practice area, region and job function.
More relevant to you
To continue providing the best analysis, insight and news across the legal market we are collecting some information about who you are, what you do and where you work to improve The Lawyer and make it more relevant to you.
News from Ogier
News from The Lawyer
Briefings from Ogier
Decisions over the past 12 months will provide considerable comfort to those concerned about exposure to clawback action.
The High Court of England and Wales may refuse to exercise its discretion to wind up companies incorporated abroad where there would be little likelihood of the petitioners deriving benefit from the winding-up.