Mondaq All Regions - Isle of Man: Corporate/Commercial Law
Simcocks
The Isle of Man advocate instructed to act would usually review any transaction documents being entered into by the Isle of Man legal entity from an Isle of Man law perspective.
DQ Advocates
Following the successful introduction of ‘failure to prevent' offences in the areas of bribery and tax evasion, the UK government is priming another possible corporate offence with a call for evidence launched on 13 January 2017, to end on 24 March 2017, on ‘corporate liability for economic crime'.
DQ Advocates
During the lifetime of the Trust, it is likely that the Trustee will receive requests for information about the Trust, or its administration, from a beneficiary.
DQ Advocates
When considering a request by a beneficiary for a distribution from a Trust Fund, a Trustee should first ensure that they have power under either the terms of the trust instrument...
DQ Advocates
Isle of Man trusts may continue for a number of years, (and indeed in perpetuity following the Trusts Amendment Act 2015), during which time it may be necessary for a change in trustees.
DQ Advocates
Once appointed, a Trustee is subject to a number of duties. A Trustee's overriding duty is to act in the best interests of the beneficiaries of the Trust.
DQ Advocates
Creating a trust involves more than simply drafting a trust document and arranging for it to be signed.
DQ Advocates
The scheme must represent a genuine compromise by which the members and creditors obtain some advantage that compensates them for the alteration of their rights.
DQ Advocates
Despite the abolition of the Slavenburg register by the UK Overseas Companies (Execution of Documents and Registration of Charges) (Amendment) Regulations 2011 ("the Regulations"), DQ still receive some requests to register charges granted by Isle of Man companies over property in the UK.
DQ Advocates
Following a series of inconsistent judgments, the Supreme Court has set down a new flexible but structured approach to illegality based upon the purpose behind the public policy.
Appleby
It is not uncommon for a settlor to impress upon a trustee the wish that under no circumstances should his family be told anything about the trust he has just settled for their benefit.
DQ Advocates
As of 6 April 2016, UK companies and limited liability partnerships are legally required to identify and record the individuals who own those entities.
DQ Advocates
The case involved the trustee of a number of Isle of Man trusts granting several call options. The call options could have led to capital gains tax consequences for the beneficiaries resident in the UK.
Simcocks
On June 30 2016 Her Majesty's First Deemster, Deemster Doyle, delivered a judgment in the case of AB v CD, in which Kevin O'Loughlin and Christopher Arrowsmith of Simcocks acted for the Defendant trustee.
DQ Advocates
The relevant clause in that case was a standard boilerplate clause used in written contracts...
OIL
The Isle of Man provides first class financial, corporate and fiduciary services and robust corporate governance.
DQ Advocates
In April 2015 the Isle of Man began to explore a potential regulatory regime for crowdfunding with the objective of diversifying the Island's economy and bringing further inward investment to the Island by attracting crowdfunding businesses to establish operations here.
DQ Advocates
The services of a notary public is often required but who are they? What services do they provide
DQ Advocates
To talk of an insolvent trust is, of course, a misnomer, a trust is not a separate legal entity and cannot, as a matter of law, be insolvent.
DQ Advocates
GVC's takeover of BWIN is one of the largest e-gaming/e-business acquisitions of 2015/2016 with a deal value of around £1.2 billion.
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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.
DQ Advocates
Despite the abolition of the Slavenburg register by the UK Overseas Companies (Execution of Documents and Registration of Charges) (Amendment) Regulations 2011 ("the Regulations"), DQ still receive some requests to register charges granted by Isle of Man companies over property in the UK.
DQ Advocates
The services of a notary public is often required but who are they? What services do they provide
DQ Advocates
The scheme must represent a genuine compromise by which the members and creditors obtain some advantage that compensates them for the alteration of their rights.
DQ Advocates
The relevant clause in that case was a standard boilerplate clause used in written contracts...
DQ Advocates
The Isle of Man Trusts (Amendment) Act 2015 (the "Act") brings into force the following three principles: 1. Abolition of the "Two Trustees Rule"; 2. Abolition of the Perpetuity Period going forward; and 3. Certain matters to be determined by governing law under the Trusts Act 1995.
DQ Advocates
Following a series of inconsistent judgments, the Supreme Court has set down a new flexible but structured approach to illegality based upon the purpose behind the public policy.
DQ Advocates
When considering a request by a beneficiary for a distribution from a Trust Fund, a Trustee should first ensure that they have power under either the terms of the trust instrument...
DQ Advocates
Following the successful introduction of ‘failure to prevent' offences in the areas of bribery and tax evasion, the UK government is priming another possible corporate offence with a call for evidence launched on 13 January 2017, to end on 24 March 2017, on ‘corporate liability for economic crime'.
DQ Advocates
In April 2015 the Isle of Man began to explore a potential regulatory regime for crowdfunding with the objective of diversifying the Island's economy and bringing further inward investment to the Island by attracting crowdfunding businesses to establish operations here.
Simcocks
On June 30 2016 Her Majesty's First Deemster, Deemster Doyle, delivered a judgment in the case of AB v CD, in which Kevin O'Loughlin and Christopher Arrowsmith of Simcocks acted for the Defendant trustee.
Simcocks
Simcocks has produced a comparison between the Isle of Man Companies Act 2006 and the BVI Business Companies Act 2004.
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