Bermuda amends national pension scheme – update #4

The amendments to section 24 of the National Pension Scheme (Occupational Pensions) Act 1998 (“the NPS Act”) that expand the ability of members and former members of defined contribution pension plans and local retirement products to obtain limited refunds from their pension balances, will become operative on 1 June 2020.

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”).

Enforcement of share charges over Cayman Islands aircraft owning SPVs

The aviation industry has been severely impacted by the COVID-19 pandemic. Although flying has now resumed in a limited capacity, airlines which have already been severely weakened by months of enforced inactivity are now facing a long, slow recovery, and for many the worst is not over yet. We have already seen a number of airlines enter into bankruptcy protection, and more are likely to follow over the coming months as passengers and operators adjust to the realities of flying in the post-COVID era. As a result, financiers and lessors are considering their position and looking at ways that they can improve their rights or enforce their security in a default situation. In particular, there has been an increased focus on the security that a financier would typically take over the shares in a Cayman Islands aircraft owning SPV and how, in practice, a financier can enforce their rights under this share security to gain control of an aircraft from a defaulting owner.

Insurers first to be registered under New Bermuda ISAC Act

The first company and incorporated segregated account (ISA) to be registered in Bermuda under the Incorporated Segregated Accounts Company Act 2019 (ISAC Act) have been licensed as insurance companies. Conyers advised on the incorporation of both the ISAC and ISA and their registration as insurers, working closely with the Bermuda Monetary Authority and the Registrar of Companies.

Recent Regulatory Changes Affecting Companies and Limited Liability Companies

It should be noted that due to recent amendments to the Companies Law (2020 Revision) and Limited Liability Companies Law (2020 Revision) certain additional information will be required to be filed with the Registrar of Companies from 1 September 2020. In addition, such information will be made publicly available online from 1 October 2020 upon […]

Latest Briefings

Food & Drink Update – September 2020

Guidance on the latest food and drink rules, including post-furlough planning and workforce measures manufacturers, Brexit and the workforce – how to prepare for upcoming changes, protecting innovation in the food & drink industry, and more.

Coronavirus business interruption test case – judgment in the “insurance case of the century”

Flaux LJ and Butcher J today handed down judgment in the test case brought by the FCA to explore whether hundreds of thousands of businesses can recover under their business interruption policies for losses caused by the pandemic, in the “insurance case of the century” – the only claim heard under the Financial List Test Case Scheme. Many of those businesses will, today, be celebrating a fantastic win for them.

Cayman Islands Update: Economic substance guidance notes V3 issued

On 13 July 2020, the Cayman Islands Department for International Tax Cooperation (the “DITC”) issued version 3.0 of the Guidance on Economic Substance for Geographically Mobile Activities (the “Guidance”) pursuant to the ES Law (as defined below). This replaces the previous version 2.0 of the Guidance issued on 30 April 2019.

Recommended

liverpool street london

Latham adds restructuring partner from Mayer Brown

Latham & Watkins has picked up a restructuring partner for its London office from Mayer Brown. Jessica Walker will join the firm’s London office in the finance department and restructuring and special situations practice after nearly 10 years with Mayer Brown. She joined Mayer Brown from Eversheds Sutherland, where she spent seven years. Walker, due […]

Allen & Overy

A&O reveals new incubator cohort of nine start-ups

Allen & Overy (A&O) is rescuing the latest edition of its Fuse startup programme by making it virtual, bringing on board nine new participants. Starting this week, the firm will bring in a new set of companies alongside existing residents Nivaura, REGnosys, Avvoka and Define. Notably, longtime resident Legatics has left the programme, having been […]

North West England

Two national firms are keeping faith with the regions, at least

Much has been made of the legal services boom in Manchester, Bristol, Belfast and elsewhere.  The regions have historically generated substantial fees for three firms which have looked to transform into national and international beasts: DAC Beachcroft (DACB), DLA Piper, and Pinsents Masons. Yet, despite their strong regional roots, these three firms are increasingly looking […]

Gateley boosts borrowing capabilities by £20m

Listed law firm Gateley is anticipating a boost in revenue for the current financial year, forecasting that turnover will be no less than £108m for 2020; an increase of £4.5m. This is despite a series of recent measures put in place by the firm, including an expansion of its working capital facilities of up to […]

Recruit legal talent

Get your role in front of over 300,000 legal professionals when you advertise with The Lawyer. Our team of experts provide bespoke solutions to help solve all your recruitment challenges.

Find out more