Following rounds of consultation with the public and affected industry stakeholders, the Bermuda Government on 8 December 2023 tabled historic legislation with the laying of the Corporate Income Tax Act 2023 (the “Act”). The corporate income tax rate has been set at 15%. It will be effective...
On 28 July 2023, judgment was handed down judgment in an application by the joint provisional liquidators (“JPLs”) of Northstar Financial Services (Bermuda) Ltd. and Omnia Ltd. (together the“Companies”) to resolve questions regarding the operation of segregated accounts. The use of segregated accounts in Bermuda is...
There is a growing global context within which the board of directors of large corporates are starting to be challenged, both in boardrooms and in the courts, concerning company policy and execution surrounding climate change related objectives. More particularly, the most recent high-profile example is that...
The Registrar of Companies has issued notice that with effect from 30 January 2023, the Economic Substance Guidance Notes (the “Guidance Notes”) have been revised to implement guidance issued by the OECD Forum on Harmful Tax Practices in relation to entities making a claim to...
Introduction The 2023/2024 Budget statement was delivered by the Bermuda Premier and Minister of Finance, The Hon. E. David Burt, JP, MP, in the House of Assembly on Friday 17 February 2023. According to the Premier, also speaking at the Chamber of Commerce’s annual Budget Breakfast event...
In 2020, winding up proceedings were issued in the Bermuda courts regarding Northstar Financial Services (Bermuda) Ltd (“Northstar”) and Omnia Ltd. Shortly therefor In a decision of the Supreme Court dated 26 August 2021, the Chief Justice, after reviewing the opinion of overseas counsel for...
By Arno Duvenhage and Jennifer Haworth The recent judgment of the Bermuda Court of Appeal in The Hongkong and Shanghai Banking Corporation Limited v NewOcean Energy Holdings Limited [2022] CA (Bda) 16 Civ, illustrates an ongoing tug of war in Bermuda when interpreting and applying the principles...
By Stephanie Maloney and Magdalena Grzybulska Sanctions aimed at Russia have been in place since 2014, following its annexation of Crimea and ongoing role in the destabilisation of eastern Ukraine. Sanctions were imposed in a coordinated move by the EU (of which the UK was a...