Using provisional liquidation offshore to preserve bondholder claims under keepwell deeds

Offshore companies are frequently used to facilitate debt finance transactions for large PRC based corporate groups. In the context of a bond issue, the corporate group will often incorporate an offshore subsidiary for the sole purpose of acting as the bond issuer.

Related briefings

Enforcement against real property in Guernsey – Saisie

Saisie (meaning “to seize”) is a court driven, Guernsey customary law process, governed by the Saisie Procedure (Simplification) (Bailiwick) Order, 1952. It is a three stage post judgment process which enables a creditor to enforce their rights against the debtor’s realty in Guernsey.

Cayman Court provides clarity on costs

In a costs ruling delivered on 12 March 2021, the Honourable Justice Ramsay-Hale provided welcome clarity on the circumstances in which the Grand Court of the Cayman Islands will make a costs award on the indemnity basis. A successful party can expect to recover a higher proportion of its costs when an award is made on the indemnity basis (rather than the standard basis) since only costs that are unreasonably incurred or are of an unreasonable amount will be disallowed on taxation, and any doubts as to reasonableness are resolved in favour of the successful party.

Snapshot: arbitration in the British Virgin Islands for Asia-based parties

The BVI is an increasingly popular arbitral seat supported by a modern pro-arbitration legal framework, modern arbitration facilities, and a world-class arbitration institution of its own in the form of the BVI International Arbitration Centre (“BVIIAC”). The ready availability of BVI legal expertise for any such arbitration under the supervision of the well-respected BVI Courts provides added comfort for parties seeking a dispute resolution venue in a stable jurisdiction.

Latest Briefings

Flexible working beyond the pandemic

As the dust settled following the rapid shift to remote working back in March 2020, it was clear that this unexpected move was going to drive some permanent changes across the sector.

Rules on accrual of holiday clarified

There have been a number of significant rulings on the topic of holiday pay over recent years and Smith v Pimlico Plumbings Ltd is the newest addition. Before we look at Smith, it is useful to understand how this area of law has developed over time.

Whistleblowing: what new duties will arise for employers? | Czech Republic

The Chamber of Deputies is currently discussing at first reading a bill on the protection of whistleblowers. This act should implement the European directive on whistleblowing, and should therefore become effective within the implementation period, i.e. no later than 17 December 2021.

EU interest limitation: impact on investment and fund structures | part one

The new EU interest limitation rules will significantly impact the tax position of asset holding companies and downstream investment structures in the EU for international investment funds. In this two-part panel session, experts from our Irish and Luxembourg Tax teams provide practical advice and guidance on how to address this significant new development.

Recommended

Public M&A rankings: UK firms go missing in action

A number of success stories come to light in the public M&A rankings for Q1, with firms that have been busy investing being rewarded for their labours. But the magic circle are mysteriously absent, for now. The first few months of 2021 have seen over 8,900 transactions preliminarily agreed globally, according to Refinitiv data, the […]

Dublin

Taylor Wessing to join flurry of firms in Dublin

Taylor Wessing is to open an office in Dublin, as a swathe of firms expand their footprint in the region. The expansion into Dublin comes after the completion of the Brexit transition period. It is understood the motive was a request from a client in the US for support as they wished to establish operations […]

counting money

Ince replaces Barclays facility with new £17m agreement

The Ince Group has taken on a new £17m financing facility with Investec Bank that will replace a previous arrangement with Barclays. On 26 March, the listed firm brought an end to its agreement with Barclays, which included the remaining £4.2m of a term loan and £6.5m revolving credit facility. The new arrangement includes a […]

Find legal roles

Make your next move with The Lawyer Careers. Search and apply for thousands of vacancies, or receive email alerts for new roles when they go live. Whether you're looking at private practice, in-house legal or an exciting business support role, you'll find your future here.

Search vacancies