Collas Crill is an offshore law firm with offices in BVI, Cayman, Guernsey, Jersey and London.
We deliver a comprehensive range of legal services to clients locally and globally in four broad practice areas: Financial Services and Regulatory; Insolvency and Corporate Disputes; Private Client and Trusts; and Real Estate.
Clients include some of the world’s leading financial institutions, international businesses, trusts and funds, as well as high-net-worth individuals and families across the globe. We continue to build a network of independent and trusted partners around the world including the Caribbean, the Channel Islands, the UK, Europe, the US, the Middle East, South Africa and Asia.
Following our LIBOR update published at the end of March, the
FCA has released a statement on the impact of COVID-19 on
firms' LIBOR transition plans.
The FCA has announced that, in light of current circumstances,
the deadline for ending use of LIBOR for new loans has been pushed
back to the end of Q1 2021 (from end of Q3 2020). It is also
recommended that by the end of Q3 2020 lenders should be in a
position to offer non-LIBOR linked products to their customers.
However, the key message remains that firms that currently
reference LIBOR in their documents should continue planning for
LIBOR's disappearance at the end of 2021.
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.
