In the Matter of the C Trust  SC [Bda] 53 Civ was the first Bermuda case to extend the perpetuity period under the new Section 4 of the Bermuda Perpetuities and Accumulations Act 2009 (“the 2009 Act”). The amendment to Section 4 took effect in December 2015. Although prior to the amendment, the 2009 Act had already abolished the rule against perpetuities with respect to instruments taking effect on or after 1 August 2009, the rule continued to apply to trusts established under Bermuda law prior to 1 August 2009 as well as to trusts originally established in other jurisdictions (with an applicable perpetuity period or similar limitation) but now governed by Bermuda law.
The Bermuda Government renewed its commitment to economic progress and recovery in its 2016 Speech from the Throne in which plans for the forthcoming parliamentary year 2016-2017 are rolled out.
In this post, I provide a brief summary.
We have previously written a post about the Supreme Court’s decision in Bermuda Press (Holdings) v Registrar of the Supreme Court in which the Chief Justice considered the public’s right of access to court documents in a constitutional matter deemed to be in the public interest. The Court then issued Practice Direction (“PD”) No. 23 of 2015 (discussed here) late last year which widened the scope indicating that members of the public were then entitled in civil cases to apply for copies of (1) the originating process and (2) judgments and orders in civil and commercial matters.
In October 2016, the Department of Statistics released its “Facts & Figures 2016” which sets out in summary form some of the key indicators of Bermuda’s economic and trends.
There are some important points to note from that report. For example, the number of local companies is steadily increasing year on year from 3,125 in 2013 to 3,307 in 2015. In addition, international companies in Bermuda are also growing in number with exempted, exempted partnership and non-resident companies on the rise from 2013 through 2015.
As I sat in my hotel room in New York in the early hours of Wednesday, 9th November 2016, having been awoken from my slumber by the screaming and cheering from across the road at the Hilton’s Trump Election Party, my first thought was that the world in which we live will most certainly change once President-Elect Trump vacates his golden palace for a White House early in the new year.
Change for sure, but for the better? And, if so, who is most likely to benefit? Much closer to home, what does it mean for us here in Bermuda?