As one of the oldest international trust jurisdictions, Bermuda is known as a premier jurisdiction for trusts and other private client structures. Bermuda serves a broad spectrum of international businesses and high net worth clients and this year we proudly hosted the Transcontinental Trusts Forum: International Forum 2016
The Seniors Law Reform Committee has made a series of recommendations to the Ministry of Health, Seniors and Environment for amendments to legislation which would better protect seniors from financial abuse. This growing problem is particularly unsettling in the family context, where powers of attorney, joint bank accounts and voluntary conveyances of real estate are used by younger generations to gain control over the assets of their elders. It often remains hidden, because its victims are both ashamed and afraid that, if they resist, they will be placed in residential care and risk abandonment and emotional abuse by the perpetrating family member.
MJM Limited is pleased to announce that it has been highly ranked by Chambers & Partners in the Chambers Global Rankings 2016 for Bermuda.
Chambers described MJM as being a “Well-established independent firm drawing praise for its outstanding knowledge of the Bermudian market.”
The Court recently set out an interesting ruling on costs relating to an application for indemnity costs and a third party costs order. The First Defendant (the “Defendant”) applied to have the Plaintiff and any third parties who may have caused, controlled or funded the Plaintiff’s claim, pay the Defendant’s costs on an indemnity basis and an order for the third party funder to be liable for costs. In the present case, the Plaintiff had commenced a derivative claim against the Defendant in January 2015 but the Ex Parte Order granted on 21 January 2015 for injunctive relief and leave to serve out of the jurisdiction (the “Ex Parte Order”) was subsequently set aside in the Chief Justice’s ruling on 4 December 2015. In this ruling, the Judge held that the Plaintiff lacked standing to commence a derivative claim as the Plaintiff was not the registered shareholder and had failed to establish that there was a serious issue to be tried against the anchor defendant company as it no longer was in the control of the wrongdoer.