Commercial Law

Jeremy Leese

MJM recently received recognition in Marine Money for its market leading Ship Finance Practice. Here are the highlights of key deals in 2019: Deal Name: Project Sprint Companies: Frontfleet Ltd as buyer and Frontline Ltd as buyer guarantor (MJM clients) and Trafigura Maritime Logistics Pte. Ltd., as seller, Trafigura Group Pte....

Jennifer Haworth

In May 2017, MJM obtained an order for possession and sale on behalf of HSBC Bank Bermuda Limited (the “Bank”) in respect of a mortgaged property owned by two guarantors following the default by the borrower. Approximately, one year later, after the Bank had actual possession of the property, the...

Jeremy Leese

The Economic Substance Act 2018 (the “Economic Substance Act”) was tabled on 7 December 2018 and, following revisions, again on 17 December 2018.

Background

In November 2017, the Government of Bermuda made a commitment to the Code of Conduct Group (Business Taxation) (the “COCG”) of the Council of the EU to address concerns relating to economic substance. Bermuda agreed to pass legislation to implement any appropriate changes by 31 December 2018 to avoid being put on an EU list of non-cooperative tax jurisdictions.