After an extensive industry consultation process in which Appleby was a participant, the Exempted Limited Partnership Bill, 2014 (ELP Bill) was gazetted on 21 February 2014. The ELP Bill represents a complete rewriting of the Exempted Limited Partnership Law (2013 Revision), which we expect will be repealed and replaced during this legislative session. Appleby sees the ELP Bill as a marked improvement over the existing law, and we believe it will make the Cayman Islands an even more attractive jurisdiction for partnerships.
The Contracts (Rights of Third Parties) Bill, 2014
Also appearing in Friday's gazette is the long-awaited Contracts (Rights of Third Parties) Bill, which will provide contracting parties with the option of extending the power to enforce a contract to third parties normally precluded from doing so by the law of privity of contract. This flexible 'opt-in' approach is a welcome development in the law of the Cayman Islands.
Appleby will be issuing a complete analysis of the new legislation once debate has concluded in the Legislative Assembly so that our clients can be in position to take full advantage of the new laws as soon as they come into force.
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