Canada is a thriving market for Cayman private wealth services, with the Cayman Islands' full package of wealth structuring and lifestyle factors attracting growing numbers of high-value residents from the north. With direct flights from Toronto, the Cayman Islands are historically known to be a first-class destination for Canadian high-net-worth individuals, who have some familiarity with the Cayman Islands as a British overseas territory and fellow member of the British Commonwealth.
Ensuring the effective enforcement of judgments is a crucial aspect of a successful litigation strategy. The Cayman Islands recognises that valid decisions made elsewhere should be as enforceable as domestic judgments. While the statutory regime for registration and enforcement has been extended to only some of the superior courts of Australia and its external territories, the Cayman courts are willing to consider extending assistance to all judgment creditors through the well-trodden common law route.
For the best part of 20 years, private equity sponsors and their global advisers have been attracted by the Cayman Islands' neutrality, efficiency, quality and flexibility – but also by its predictability. So, when the Cayman Islands announced in early 2020 that all Cayman-domiciled closed-ended funds (including private equity and real estate funds) would be required to register with the Cayman Islands Monetary Authority by August 2020, this seemed like a shake-up.
A Cayman Islands company may be wound up either voluntarily according to its articles of association or compulsorily by the Grand Court. This article provides an overview of the compulsory process in the Cayman Islands.
The yachting industry, like many other travel-related industries, was initially hit hard by the COVID-19 pandemic. However, there are now signs of recovery in the area of yacht sales and charters and the Cayman Islands continues to be a key player in the vessel registration space in these unprecedented times. This article summarises the registration process and sets out some of the key reasons for registering vessels in the Cayman Islands.
The Royal Court recently brought an end to an important chapter in a long-running dispute regarding control of the exploration and exploitation of the oil and gas reserves of Georgia. This judgment makes it clear that liquidators can approach the court to approve a significant decision that they have taken to enter into a transaction and that such decision is akin to a Public Trustee v Cooper blessing of a momentous decision in a trusts context.
The Employment and Tribunal (Guernsey) Order 2020 enhances the tribunal's powers to dismiss or strike out complaints without merit. This is fantastic news for both employers and employees with valid defences or claims facing unnecessarily difficult opponents. The tribunal's powers are now significantly increased to be able to dismiss unmeritorious claims at the outset and bring cases to an end at any stage of proceedings where the conduct of either side becomes unacceptable.
From January 2021, the Office of the Data Protection Authority (ODPA) will introduce a new registration and levy regime which has been approved by the States of Guernsey. This new regime requires all entities which process personal data, including local organisations, businesses and sole-traders established in the Bailiwick of Guernsey, to register with the ODPA. The new fees regime will allow the ODPA to move towards self-funding status, giving it full financial independence from the States of Guernsey.
Guernsey ticks all the right boxes when it comes to private equity – both private and listed. Importantly, Guernsey's private equity regime is simple and established, with sensible proportionate regulation which recognises the sophistication of managers and their investors. Guernsey is the ideal gateway to the United Kingdom and the European Union for US managers who continue to make use of private placement regimes in all of the key markets.
The benefits of using a Guernsey company are extremely wide but generally include separate legal identity, limited liability for shareholders and ease of transfer of ownership. These features, coupled with a tax-neutral environment in Guernsey for most companies, enable Guernsey companies to be structured to meet a wide variety of business purposes – from commercial trading and joint ventures to investment holding vehicles.
The COVID-19 pandemic has raised immediate issues for many wealthy families, notably around tax residency and immigration, but on the flip side it has given wealthy families the opportunity to take stock and consider how they want to be structured and, fundamentally, where they want their family office to be located. This article considers the features which make Jersey attractive for family offices.
A recent Jersey Employment and Discrimination Tribunal judgment is believed to be the first employment decision relating to the restrictions imposed on businesses due to COVID-19. Although the claimant was unsuccessful in his claim, the tribunal chair expressed sympathy, saying that he was the victim of an unreasonable and unsustainable interpretation by the respondent of a clear and plain term in the government's COVID-19 payroll co-funding scheme.
Jersey is witnessing a spike in the inflow of private equity fund managers establishing a physical presence on the island. A number of household name fund managers across all asset classes now call Jersey home, with others in advanced stages of planning to follow them into Jersey. What are the principal drivers of this trend?
Following an amendment to the Discrimination (Jersey) Law 2013 which recently came into force, Jersey's discrimination legislation has been extended so that businesses, service providers and those managing and letting premises must take reasonable steps to avoid disadvantaging people with disabilities in relation to the accessibility of their premises. Avoiding indirect discrimination involves anticipating, and not just reacting to, disadvantages that may be caused to disabled persons.
The financial impact of the COVID-19 pandemic has put pressure on a wide range of structures and, as a result, lenders, borrowers and other counterparties are looking more closely at the impact of possible insolvency proceedings. As Jersey entities are often used in cross-border finance transactions, it is important to be aware of the differences between Jersey and English insolvency procedures for companies, trusts and limited partnerships.