At the end of 2022, we foreshadowed in a prior article this seminal ruling of the Privy Council concerning the broader question whether certain underlying “matters” to a winding up petition could be made subject to arbitration in the context of a shareholder dispute. We have...
Bidzina Ivanishvili (BI) was a successful businessman and former Prime Minister of Georgia. From 2005, he invested more than USD 1 billion with Credit Suisse Life (Bermuda) Limited (CS), a member of the Credit Suisse group. The primary allegation in the case was that BI’s...
On 15 and 16 November 2022 in the Cayman Islands, the Privy Council (the “PC”) sitting for the first time in an Overseas Territory of the United Kingdom, heard an appeal from the Cayman Islands Court of Appeal in the case between Family Mart China...
By Allan Doughty and Jennifer Haworth On 25 July 2022, in the matter of Ivanashvili v. Credit Suisse Life (Bermuda) Limited, Chief Justice of the Supreme Court of Bermuda, Mr. Narinder Hargun handed down a ruling which clarified what a successful party must demonstrate in order...
On 4 November, the Deputy Governor Tom Oppenheim (in the absence of the Governor Her Excellency Rena Lalgie) delivered the annual Throne Speech. This speech, in line with custom and tradition, marked the opening of a new parliamentary year and set out details of the Bermuda...
The Companies and Partnerships Electronic Registry Amendment Act 2020 (the “Act”), eagerly welcomed by industry, was recently passed into law and will come into operation on a date to be appointed by notice by the Minister of Finance (the “Minister”). The Act principally amends the Companies...
In response to the global Covid-19 outbreak, the Bermuda Registrar of Companies issued a notice on 20 March, 2020 in respect of Bermuda companies’ compliance obligations pursuant to the Economic Substance Act 2018 (the “Act”). All in-scope companies are still required to comply with the provisions...
Recently, Bermuda was placed on the European Union’s list of non-cooperative jurisdictions for tax purposes. It is the Bermuda Government’s view that the jurisdiction is compliant with EU’s economic substance requirements by way of the Economic Substance Act 2018 and the Economic Substance Regulations 2018 passed into law last December, with all necessary amendments to address EU concerns having been completed before the decision was taken.