A seismic shift to certainty: “substratum” and the proper construction of trust deeds

The Bermuda Court of Appeal has unanimously allowed an appeal by the Trustee of the US$560m Global Resource Trust (“GRT”) in a significant decision which rejected the proposition that the “substratum” of the trust will prohibit the exercise of powers to add or exclude beneficiaries.

Related briefings

Recognition and Assistance for PRC Insolvency in Hong Kong

Synopsis A recent case in Hong Kong, has demonstrated both the ability and willingness of common law courts to recognise insolvency appointments made by the courts of the People’s Republic of China (‘PRC’), and to grant appropriate assistance at common law. It is to be hoped that this proven track record will pave the way for easier recognition of common law court appointed liquidators in PRC, where, unlike in common law countries, such recognition is subject to the principle of reciprocity.

Cayman Islands Updated Economic Substance Guidance

Version 3.0 of the Cayman Islands guidance notes (“Guidance”) on the Cayman Islands’ economic substance legislation provides additional assistance in interpreting the International Tax Co-operation (Economic Substance) Law (the “ES Law”).

Latest Briefings

Coronavirus Update: Working From Home (again)

A government campaign was launched in early August to actively encourage employees to return to the workplace in an attempt to boost the wider economy and revitalise city centres that had been left empty after months of lockdown. However, within two months, the pandemic appears to have taken a turn for the worse and the government announced yesterday that once again people should work from home wherever possible.

Ukraine relaunches privatisation

September 2020 – Yesterday, 22 September, the President of Ukraine signed the Law which amends the Law of Ukraine “On privatisation of state and communal property” (the “Law”), introduces parliamentary control over the privatisation of state property and “unfreezes” the preparatory procedures to privatise large-scale state-owned objects. The Law was adopted by the Ukrainian parliament on 8 September 2020 and will become effective after its official publication.

Cyprus introduces film production incentives

Producers and media companies are invited to utilise the Cyprus landscape and infrastructure and enjoy a variety of legal, corporate and tax incentives for filming in Cyprus under the new Cyprus Filming Scheme.

Legal guide to pre-enforcement steps under Jersey and Guernsey law

The temporary Covid-19 protections offered by the UK government to businesses to prevent them from being subject to winding up petitions or wrongful trading actions are currently due to expire at the end of September (although an extension is very possible).

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London city

A&O finance duo joins Cahill for long-awaited City push

Cahill Gordon & Reindel, which has been on the lookout to expand its City office, has hired two partners from Allen & Overy’s finance team. Global head of A&O’s leveraged finance practice Jonathan Brownson will join the US firm in September alongside Jake Keaveny, who returns to Cahill after six years. Keaveney formerly practised at […]

CC

Clifford Chance assembles 50-strong Covid-19 partner taskforce

Clifford Chance has assembled a large partner-led taskforce to lay out the firm’s long-term response to client issues stemming from the pandemic. The magic circle firm is relying on the work of a mammoth collective of 50 partners tasked with concocting strategies and alternative business lines to offer clients in the path to recovery. Led […]

New York Stock Exchange

Burford Capital sets sights on US listing

Burford Capital has announced plans to expand its reach beyond the UK’s AIM market, with a potential listing on a US stock exchange. The litigation funder revealed the move during a brief statement to investors on Tuesday, confirming that it has filed a registration statement with the US Securities and Exchange Commission (SEC). This means […]

Osborne Clarke and Bird & Bird bring back staff from furlough

Firms including Osborne Clarke and Bird & Bird have brought back a group of furloughed fee-earners and business services staff. At Osborne Clarke, 6 out of the 28 fee-earners on the UK Government scheme are now out of the programme, while 22 non fee-earners are also back out of a total of 88. In April, […]

Uber

Flexible working in the cross-hairs as Uber prepares for Supreme Court

By Jonathan Ollivent Uber’s business model is not new. As summarised by Lord Justice Underhill in his dissenting Court of Appeal judgment: “Standing back so as to be able to see the wood as well as the trees, it still seems to me that the relationship argued for by Uber is neither unrealistic nor artificial. […]

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