The Offshore Case Digest offers readers a high level summary of the major commercial cases decided in Bermuda, the British Virgin Islands and the Cayman Islands between March 2015 and June 2015. Our goal is to provide a useful reference tool for clients and practitioners who are interested in the development of case law in each jurisdiction. Read more.

Bermuda has recently passed the Perpetuities and Accumulations Amendment Act, 2015 (the “Amendment Act”), which is hoped to further strengthen Bermuda’s reputation as a premier jurisdiction in which to establish and administer trusts, and particularly also a jurisdiction to which trusts may easily and conveniently be migrated from other jurisdictions. By way of background, pursuant to the Perpetuities and Accumulations Act, 2009 (the “2009 Act”) (operative from 1 August 2009) Bermuda abolished (or dis-applied) the Rule Against Perpetuities (the “Rule”) for all trusts established after that dat

Over the past six years or so, Bermuda has been positioning itself to obtain “regulatory equivalency” from the European Commission under the European Union’s Solvency II Directive. Solvency II is the EU’s legislative programme to be implemented in all of its Member States which introduces a new, harmonised EU-wide insurance regulatory regime. There are three (3) key areas of equivalency: reinsurance supervision, group solvency calculation and group supervision.

The Offshore Case Digest offers readers a high level summary of the major commercial cases decided in Bermuda, the British Virgin Islands and the Cayman Islands between July 2014 and October 2014. Our goal is to provide a useful reference tool for clients and practitioners who are interested in the development of case law in each jurisdiction. Read more.

The legislation governing insolvency in Bermuda is the Companies Act 1981. This Act is supplemented by rules and procedures set out in the Companies (Winding-Up Rules) 1982. This act governs the liquidation or winding-up procedures of companies in Bermuda. There is additional legislation pertaining to the winding up of financial institutions. Personal bankruptcy is an infrequent occurrence and relates to the insolvency of individuals pursuant to the Bankruptcy Act 1989. Statutory procedures include members’ voluntary winding up, creditors’ voluntary winding up and a court-ordered winding up.