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Carey Olsen | October 2021

In the Matter of the X Trusts [2021] SC (Bda) 72 Civ (7 September 2021) Assistant Justice Dr Ian R.C. Kawaley of the Supreme Court of Bermuda has handed down significant guidance to assist in the understanding of this important relationship in offshore trusts ...

Carey Olsen | October 2021

What is litigation funding and why is it attractive? Also known as legal finance or litigation finance, third party funding – historically – was considered an improper or corrupting influence on litigation. These old offences of champerty and maintenance were first decriminalised in England in 1967 ...

Carey Olsen | October 2021

In fact, the impact of the pandemic on private clients has been the opposite: many have experienced increases in their personal wealth that have been nothing short of startling. According to the Global Wealth Report published by Credit Suisse in June 2021, more than five million people became millionaires across the world in 2020 despite economic damage from the Covid-19 pandemic ...

Carey Olsen | October 2021

We are often asked to opine on the status of anti-discrimination law on the island, as many believe that it does not exist. In fact it does exist, albeit to a limited extent: The Sex Discrimination (Employment) (Guernsey) Ordinance 2005 renders it unlawful for employers to discriminate against employees and job applicants on grounds of sex, marriage or gender reassignment ...

Carey Olsen | September 2021

The seminar, which provided a welcome opportunity for insolvency practitioners and advisers to reconnect in person, showed why Jersey and Guernsey remain leading locations for structuring complex financial transactions and for the secured lending market. The following key points were amongst or relate to those discussed at the seminar ...

Carey Olsen | September 2021

The rule has long been the source of controversy and confusion. This decision of the Board provides some welcome clarification non two aspects of the rules, being the relevant time for determining whether the reflective loss rule should apply (the "Timing Issue") and the definition of a 'common wrongdoer' for the purposes of the reflective loss rule (the "Common Wrongdoer Issue"). Primeo Fund (the appellant) was a Cayman Islands company in official liquidation ...

Carey Olsen | September 2021

Background On 15 July 2021 the States of Deliberation (Guernsey's parliament) approved the Income Tax (Guernsey) (Amendment) Ordinance, 2021 (the "Ordinance") which makes a number of important amendments to Guernsey's Income Tax Law ...

Carey Olsen | September 2021

A key concern for shipowners and lenders will be where to register these new vessels. In this briefing, we consider three factors that usually influence the choice of flag state: (1) financing considerations, (2) recognition for the flag and (3) speed, responsiveness and certainty. Introduction Choosing the flag state where a ship will be registered requires balancing different factors ...

Carey Olsen | September 2021

The President characterised this initiative as one necessary to counter "a pandemic of the unvaccinated", stating, "This is not about freedom or personal choice.  It’s about protecting yourself and those around you" ...

Carey Olsen | September 2021

Royal Court of Jersey (MacRae, Deputy Bailiff, and Jurats Crill and Dulake) The judgment concerned an application by a Trustee of two Jersey law trusts for the blessing of its decision to give effect to an agreement between beneficiaries regarding division of the trust assets.   A key aspect of the agreement was the addition of the late settlor’s widow to the beneficial class of one of the trusts in order for her to receive benefit under it ...

Carey Olsen | September 2021

Introduction to Jersey Jersey is the largest of the Channel Islands and is a British Crown dependency. It has its own financial legal and judicial systems. It is not part of the UK or of the European Union (although it has close relationships with both) ...

Carey Olsen | September 2021

Introduction Carey Olsen Starting Point Guides are intended as a general introduction and guide to different aspects of Jersey employment law. They are a summary of the most important issues that we come across. They are very much edited highlights of those issues. If you would like legal advice in relation to any specific circumstances, please do give us a call. Jersey - not just cows Jersey is the largest of the Channel Islands and is a British Crown dependency ...

Carey Olsen | September 2021

The effect of a successful application for a Certificate of Lawful Use is to regularise an historic, unlawful change of use of land without having to obtain planning permission ...

Carey Olsen | August 2021

Forms of security Immovable property Movable property   Creditor and contributory ranking Order of priority Secured creditors Foreign security   Unpaid debts and recovery Compromise agreements Basic debt recovery Set-off obligations Foreign element   State support Rescue and insolvency procedures Desastre Creditors' winding-up Just and equitable winding-up Degrevement/realisation Debt remission order   Stakeholders' roles

Carey Olsen | August 2021

Under the GDPR, transfers of personal data are permitted without restriction to countries that the European Commission (the "EC") has assessed as providing an "adequate" standard of protection for personal data. The current list of countries considered "adequate" is Andorra, Argentina, Canada (for commercial organisations), Faroe Islands, Guernsey, Israel, Isle of Man, Japan, Jersey, New Zealand, Switzerland and Uruguay and the United Kingdom ...

Carey Olsen | August 2021

Last year, we reported on the important decision of the Royal Court of Jersey in April 2020 in Re Grundy [2020] JRC 071, which case our firm presented to the Royal Court and which demonstrated the flexibility of the remedies available under Jersey law where a successful application to set aside the exercise of a fiduciary power on grounds of mistake and/or inadequate deliberation is made (No re-writing history: the flexibility of Jersey’s remedies for mistake and inadequate deliber

Carey Olsen | August 2021

BACKGROUND Complexities arise when arranging financings to co-investment structures, especially if the credit support includes security over shares granted by some (but not all) of the shareholders ...

Carey Olsen | July 2021

The ESG Disclosure Rules have been introduced in response to the increased investor appetite for socially and environmentally responsible investments and to ensure that Jersey maintains its high regulatory standards amid global concerns regarding ‘greenwashing’ (firms marketing investments which appear more environmentally and socially focussed than they are in reality) ...

Carey Olsen | July 2021

Introduction The ‘golden thread’ of modified universalism in cross border insolvency has long been an aspiration, rather than a rule. [1] The common law concepts of recognition and assistance play a key role in achieving that aspiration. In recent years these concepts have been affirmed but scaled back, by decisions such as that in Singularis Holdings Limited v PricewaterhouseCoopers ...

Carey Olsen | July 2021

In summary, this note includes information in relation to: the UK REIT regime; advantages of using a Jersey company as the REIT vehicle; TISE listing process and listing document requirements; TISE’s continuing obligations requirements; and Carey Olsen and our REIT experience. We trust that the above will be of assistance ...

Carey Olsen | July 2021

Contents Please click on the links below to jump to the relevant section: Legislation Relevant entities Relevant activities Tax residence requirements Guidance General requirements Directed and managed Core-income generating activities (CIGA) Premises Employees and personnel Expenditure Enhanced requirements Reduced requirements Outsourcing Enforcement authorities Reporting formalities Demonstrating compliance Penalties Recent developments Legal framework Legisl

Carey Olsen | July 2021

Contents Please click on the links below to jump to the relevant section: Legislation Relevant entities Relevant activities Tax residence requirements Guidance General requirements Directed and managed Core-income generating activities (CIGA) Premises Employees and personnel Expenditure Enhanced requirements Reduced requirements Outsourcing Enforcement authorities Reporting formalities Demonstrating compliance Penalties Recent developments Legal framework Legisl

Carey Olsen | July 2021

Contents Abstract What is an asset protection trust? Conflict of laws What is the objective of firewall legislation? What is the objective of fraudulent transfer legislation in a trust context? Jurisdiction Does comity continue to undermine firewalls? Simplification of structure of Bermuda's firewall legislation Extension of Bermuda's firewall When is a foreign order 'inconsistent' with the firewall legislation? Conclusion ABSTRACT View More

Carey Olsen | July 2021

Contents Please click on the links below to jump to the relevant section: Legislation Relevant entities Relevant activities Tax residence requirements Guidance General requirements Directed and managed Core-income generating activities (CIGA) Premises Employees and personnel Expenditure Enhanced requirements Reduced requirements Outsourcing Enforcement authorities Reporting formalities Demonstrating compliance Penalties Recent developments Legal framework Legisl

Carey Olsen | July 2021

The economic substance requirements in the Cayman Islands, introduced by the International Tax Co-operation (Economic Substance) Act (as revised) (the “ES Act”) (Economic substance requirements in the Cayman Islands), have been extended to partnerships pursuant to the International Tax Co-operation (Economic Substance) (Amendment of Schedule) Regulations 2021, which came into force on 30 June 2021 ...