MJM has acquired several ancient deeds and local legal instruments dating back to the early days of the settlement of Bermuda. Andrew Martin examines the legal context of these documents and their relevance in the development of legal principle, and puts them in their social and historical context.
Legislation was recently put before Parliament to introduce Bermuda’s newest form of commercial vehicle: the limited liability company (“LLC”). The new law establishing the Bermuda LLC is heavily (and intentionally) influenced by the Delaware Limited Liability Company Act to accommodate the main efficiencies of a Delaware LLC.
Setting aside the effects on the UK economy, which are already being felt with political turmoil, the fall of the pound, billions being slashed from UK stocks worldwide and the potential break-up of the United Kingdom itself, one little examined effect is how its overseas dependent territories, of which Bermuda is one of the largest, would fare in the post-Brexit world, particularly in their relationship with the EU that the UK is leaving behind.
The vast majority of partnerships on the Bermuda registry are said to be private or closed-end funds. Hailed as an important part of the government’s efforts to achieve growth in the asset management area, amendments have been made to partnership and company legislation to enhance the flexibility and efficiency of Bermuda exempted and limited partnerships and to boost the desirability to use Bermuda as a jurisdiction to establish private equity funds and asset-holding structures.
MJM Limited was awarded Follow-On Deal of the Year this summer by shipping industry publication Marine Money Offshore for our work on the Golar LNG Limited $594 million follow-on equity offering in which we played a role as co-counsel to the issuer alongside Seward & Kissel. Latham & Watkins LLP was counsel to the underwriter.
The Bermuda Monetary Authority (“BMA”) held an informational session on the 24th of July, 2014 regarding the licensing of a CSP. Ms. Tamara Anfossi of the BMA announced that the CSP regime commencement date is pending amendments to the Exchange Control Act 1972 (“Foreign Exchange”). It is anticipated that the amendments to Foreign Exchange will be passed by Parliament prior to January, 2016.
Bermuda is firmly established as the offshore jurisdiction of choice in aviation finance; however, one missing piece in the jigsaw puzzle within this sector has been the non-implementation in Bermuda of what is known as the Cape Town Convention. The Cape Town Convention on International Interests in Mobile Equipment and the Protocol to the Convention on International Interests in Mobile Equipment on Matters Specific to Aircraft Equipment (together the “Convention”) came into force on 1 March, 2006. The Convention facilitates aircraft finance transactions by providing a regularised electronic international registry of “international interests” over moveable property (the “International Registry”), such International Registry being recognised in all Contracting States (being countries which have implemented the Convention). The Convention also sets out a framework for dispute management as well as remedies and relief available to creditors.
What is the difference between a local and exempted Company in Bermuda?
At the time of incorporation, a Bermuda company must be registered either as a local or exempted company. A local company is one that is incorporated by Bermudians to trade primarily in Bermuda. An exempted company is one that is incorporated by non-Bermudians for the purpose of conducting business outside Bermuda.