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.

Latest Briefings

Custody time limits and why they matter

David Hardstaff and Bethan Cowlam consider the recent increase to custody time limits and the practical implications in the context of significant court backlogs. In a highly unusual move, HHJ Raynor, a Crown Court judge, has lodged a complaint against the resident judge of Woolwich Crown Court, suggesting political interference in the handling of cases involving extended custody time […]

The Job Support Scheme

The Chancellor, Rishi Sunak, announced today that the Coronavirus Job Retention Scheme (the Furlough Scheme) will end as planned on 31 October 2020. However, he has provided some much needed relief for employers who have been hard hit by the Coronavirus in announcing the Government’s new initiative to support struggling employers, the Job Support Scheme (the Support Scheme). The stated aim of the Support Scheme is to support viable businesses to retain viable jobs in what will undoubtedly be a continued period of significant economic uncertainty.

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Freshfields Bruckhaus Deringer

Breaking: Former Freshfields partner held over “cum-ex” tax investigation

Freshfields Bruckhaus Deringer’s former head of international tax is in custody in Germany in relation to ongoing investigations into “cum-ex” transactions. According to Sueddeutsche Zeitung, Ulf Johannemann has been in custody since Friday afternoon and has been refused leave to return home “due to the risk of absconding”. He left the firm several weeks ago. […]

City duo make the cut in Dechert’s partner promotions

Dechert has promoted two lawyers to the City this year in a round of 11, following a record high year in 2018. Craig Borthwick in financial services and Smridhi Gulati in corporate and securities were the two associates given the nod in London’s Dechert office, effective 1 January 2020. Gulati joined the US firm in […]

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