The Isle of Man has beaten Jersey to the statute books with a limited liability law aimed at attracting professional partnerships. Its Limited Liability Companies Act was granted Royal Assent on 7 July, while Jersey's law allowing limited partnerships is not expected to become law until the end of this year. The Act allows the formation of a Limited Liability Company (LLC) which operates in a similar way to a limited partnership but is incorporated as a company. Instead of being liable for the total assets of the company, as in a conventional partnership, the members of an LLC have their liability limited by the amount of capital they contribute.
Patrick Sherrington has become the latest top lawyer to leave Hong Kong for the UK after eight years in the colony. Sherrington, a commercial litigation partner at Lovell White Durrant and a former vice president of the Hong Kong Law Society, has taken a three-month sabbatical before he starts at Lovells’ city office.