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repealed and replaced during this legislative session.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.
The content of this article is intended to provide a general
guide to the subject matter. Specialist advice should be sought
about your specific circumstances.
To print this article, all you need is to be registered on Mondaq.com.
Click to Login as an existing user or Register so you can print this article.
Many people are baffled by trusts, the purpose of which they don't fully comprehend. Some even regard them with suspicion, as tools of of opaque tax evasion strategies of a type favoured by wealthy individuals.
We were recently instructed by a Bank in relation to a regulatory matter. The Bank had made a suspicious activity report to the Financial Investigation Unit ("FIU") due to their concerns about the potential source of funds in an account.
Many of us will have heard the recent claim by Donald Trump in the US presidential election that, if elected, he will ensure that a 1,000 mile border wall is constructed between the US and Mexico...
Some comments from our readers… “The articles are extremely timely and highly applicable” “I often find critical information not available elsewhere” “As in-house counsel, Mondaq’s service is of great value”
Register for Access and our Free Biweekly Alert for
This service is completely free. Access 250,000 archived articles from 100+ countries and get a personalised email twice a week covering developments (and yes, our lawyers like to think you’ve read our Disclaimer).