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Maples and Calder
Welcome to the June 2015 edition of our Litigation and Insolvency Update, a summary of recent key developments in the Cayman Islands, British Virgin Islands and Ireland.
Maples and Calder
The decision of the Privy Council draws a curtain on the practice of using the summary process of rectification proceedings to determine disputes concerning the beneficial ownership of BVI shares.
Harneys
The British Virgin Islands (BVI) is once again considering proposals to bring into force provisions which permit the making of administration orders in relation to BVI companies.
Maples and Calder
This decision brings clarity to some longstanding uncertainties about how the above provisions of the Law should be interpreted and applied in practice.
Maples and Calder
This case is the subject of an appeal.
Maples and Calder
The recent judgment of the Cayman Islands Court of Appeal ("CICA") in Asia Pacific Limited v ARC Capital LLC explains the approach that the Court will take when considering an application to strike-out a contributory's just and equitable winding up petition which is based on an offer to purchase the petitioner's shares at fair value.
Maples and Calder
James Eldridge and Caroline Moran assess the latest developments in offshore fund management disputes, with an in-depth look at the case of Re: Lancelot Investors Fund.
Cayman Islands Government
The next step for the Cayman Islands in relation to international tax cooperation is the implementation later this year of the OECD Common Reporting Standard (CRS).
Maples and Calder
There has been much activity in relation to economic sanctions in the last few months.
C.Savva & Associates Ltd
On June 8th 2015, the OECD released a new package of measures for the implementation of a new Country-by-Country (CbC) reporting plan developed under the OECD/G20 Action Plan on Base Erosion and Profit Shifting (BEPS) Project, aimed at improving transparency in international tax matters.
C.Savva & Associates Ltd
The Automatic Exchange of Information is fast becoming widely recognised as the most effective instrument to fight against tax evasion.
C.Savva & Associates Ltd
The European Commission have made the fight for tax evasion and avoidance one of its top political agendas in 2015.
C.Savva & Associates Ltd
The protection of Intellectual Property (IP) is fast ascending the ladder of corporate strategy globally, as it can be one of the most valuable assets of an organisation.
Fiduciary Group
The last few weeks have seen big announcements for the future of Gibraltar's superyacht industry, with plans for not one but two new superyacht marinas on the horizon.
Harneys
In response to the turbulent economic times seen of late, there has been a significant growth in the use of schemes of arrangement to compromise creditors' claims where the company in question is facing financial difficulty.
Jones Day
The guidelines state that any intrusion on privacy caused by drones must be proportional to the benefit derived from their use.
Jones Day
The PCPD commented that the Education Bureau should apply the Personal Data (Privacy) Ordinance when determining whether or not to disclose individual teachers' personal data and the exact personal data to be disclosed.
Malta Sotheby's International Realty
The world's richest are looking to invest in luxury real estate around the world in order to diversify their assets. Where are their investments going? Which destinations are catching their attention?
Dentons
While the NCCL replaces the previous Commercial Companies Law (CCL), UAE Federal Law No. 8 of 1984, as amended, it mostly maintains the same framework and features of the CCL.
Dentons
While the NCCL replaces the previous Commercial Companies Law (UAE Federal Law No. 8 of 1984, as amended, (CCL)), it mostly maintains the same framework and features of the CCL.
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Simcocks
Reforms to Isle of Man trust law are being introduced under the Trusts (Amendment) Act 2015 expected to become operational on June 16 2015.
Carey Olsen
This briefing note provides a summary of some of the key changes to the domestic legislation and guidance published by the ITO.
Al Rowaad Advocates
A Power of Attorney is a notarized letter of authority given by a person or a company having capacity to another person or a company.
Hassans
Hassans' partner, Nigel Feetham, co-author of the leading reference book, Protected Cell Companies: A Guide to Their Implementation and Use (Feetham & Jones, 2nd edition, Spiramus Press 2010) has received industry citation in relation to a US judgement, firmly placing Mr Feetham as a leading voice in this arena.
Maples and Calder
Following the expiration of the 29 May 2015 notification deadline with the Cayman Islands Tax Information Authority, the next step for all Cayman Islands Reporting Financial Institutions is to submit a return...
Cayman Islands Government
The Cayman Islands Government, along with its fellow 126 members of the OECD's Global Forum on Transparency and Exchange of Information for Tax Purposes, today received an email in relation to the EU Commission's ‘blacklist'.
McDermott Will & Emery
FATCA went into effect on July 1, 2014, after numerous delays and multiple rounds of administrative guidance.
Conyers Dill & Pearman
FATCA is a US federal law that aims to reduce tax evasion by US persons. FATCA has significant extra-territorial implications and, most notably, requires FFIs to report information on accounts of US taxpayers to the IRS.
Information Management Solutions Limited
According to the website of the Antigua & Barbuda Government High Commission in London, Antigua's attractions for investment include a robust ICT infrastructure and strong investor protection, safety and security.
Travers Thorp Alberga
On 1 April 2015 the Italian Minister of Economy and Finance issued a ministerial decree removing the Cayman Islands, the British Virgin Islands and 19 other jurisdictions from Italy's 'blacklist'.
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