Bearer share companies in the British Virgin Islands

Long gone are the days of offshore incorporation where corporate ownership could be concealed through the simple device of a bearer share company, whereby ownership was determined solely by physical possession of a company’s share certificate. Regulatory reforms to improve corporate transparency and crackdown on white collar crime prompted most offshore jurisdictions to reform their bearer share regimes. The BVI is no exception. Although the reforms took place many years ago, complex issues arising from those reforms are still emerging, often involving valuable underlying assets.

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Principles applicable to an ‘insolvent’ trust in Jersey

It is important that trustees understand their obligations if their trust structure comes under financial stress. Helpfully, the Jersey courts have provided guidance on the principles applicable to ‘insolvent’ trusts, which is likely to be highly persuasive in other jurisdictions.

The economic substance requirements for Jersey partnerships

The Taxation (Partnerships – Economic Substance) (Jersey) Law 202- was lodged with the States Assembly on 18 May 2021 and, if passed, is expected to come into effect from 1 July 2021 (with a six month transition period to 1 January 2022 for partnerships established before 1 July 2021).

SPACs in 2021 – the new model for private equity?

This year has seen a number of PE backed SPAC launches, as well as announcements of proposed PE SPACs, which in total could amount to several billion dollars in IPO proceeds. If these SPACs prove successful, then the SPAC could become a major part of how PE does business over the next decade.

STEP Geneva Webinar – Beneficial Ownership Registers

Partners Simon Schilder and Dave Sherwin along with Counsel Katherine Neal and Managing Associate Chris Hards will speak on the STEP Geneva Webinar Series for 2021. See the below link to find out what the presentation on Beneficial Ownership Registers covers:….

Recent trends: provisional liquidation in the Cayman Islands

Introduction There are two grounds on which provisional liquidators (PLs) may be appointed in the Cayman Islands under the Companies Act (2021 Revision) (the Companies Act), following the presentation of a winding up petition and before the making of a winding up order. The first is what is commonly referred to as a “full powers” […]

Latest Briefings

European Access Plan: Your gateway to business in the EU

On 24 December 2020, the UK officially left the European Union and, under the Brexit agreement, is now a third country to the EU, outside both the single market and customs union. The change means that UK-EU cross-border business activities are now subject to a number of trade barriers, including adjusted and strengthened border controls and additional administrative work.

Costs risk in appeals from the Irish tax appeals commission

The Finance (Tax Appeals) Act, 2015 introduced a new architecture for the hearing and determination of tax appeals. Amongst other changes, the Tax Appeals Commission (the “TAC”) replaced the Appeal Commissioners, with appeals directly to the High Court only on question(s) of law arising from the TAC’s determination (a ‘case stated’), rather than to the Circuit Court on the basis of a full rehearing of the tax appeal.

EAEU Treaty on trademarks comes into effect

The Eurasian Economic Union (EAEU) Treaty on Trademarks, Service Marks and Appellations of Origin of Goods came into effect on April 26, 2021. It serves as a foundation document for the formation of a regional system within EAEU territory.

Banking leaders discuss keeping pace with growth, digital transformation and driving operational efficiency

In a live webinar hosted by the Financial Times, Clare Hart, CEO of Williams Lea, joined two top operational leaders in the corporate and investment banking industry, David Sliney, Chief Operating Officer of investment bank, Stifel and Paul Poggi, Managing Director and Chief Operating Officer of specialist M&A advisor, Harris Williams, in a panel discussion on the intense pressure within corporate and investment banks to find better and more cost effective ways of running core support functions.

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Regular readers will be aware of my embrace of storytelling in presentations and I have written on more than one occasion about the power that lies within a good story, well told. The anecdote in particular is a great way of personalising dull material, building empathy with your audience and leaving a short, sharp impression. […]

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CMS has created a managed services arm to complement its traditional legal practices, as more firms venture into an area previously dominated by alternative providers and the Big Four. The firm has assembled an offering that will bring together teams of lawyers, technologists and project managers to absorb the operations of in-house functions at client […]

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Hewitsons and Harrison Clark Rickerbys close to merger deal

Top 200 firms Harrison Clark Rickerbys (HCR) and Hewitsons are in the final throes of a merger deal. The deal is expected complete by the end of May, adding Hewitsons’ Cambridge, Northampton, Milton Keynes and London network to HCR’s nine locations of Birmingham, Cambridge, Cardiff, Cheltenham, Hereford, London, Reading, Worcester and the Wye Valley. The […]

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Goodwin Procter is looking to expand its London footprint in light of a sustained streak of lateral hiring. The US firm is looking for additional floors to complement its existing base at 100 Cheapside, which it is steadily outgrowing. It is understood that Goodwin is relying on the advice of Cushman & Wakefield for the […]

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