As described in our earlierclient alert, dated September 13, 2016, under certain specific circumstances, section 1129 of title 11 of the United States Code (the “Bankruptcy Code”) permits a bankruptcy court to confirm a Chapter 11 plan and rewrite the terms of a debt instrument (including mortgage debt or mezzanine debt), including the interest, amortization, and maturity ...
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 ...
We have this year assisted with numerous new financings, covering everything from new bank syndicates, refinancings, direct lending and bond loans. It has in periods been especially hectic within the shipping, aviation and renewable energy sectors. On the regulatory side, we have had a particular focus on the LIBOR transition ...
At the forefront of digital revolutionisation Malaysia has launched the DE Rantau programme aimed specifically towards the digital nomad. The programme was launched on 1 October 2022 and all applications received will be screened by the Malaysia Digital Economy Corporation (“MDEC”). Click here to read more. Should you have any enquiries, please contact Suganthi Singam at [email protected] or Chui Siew Xuan at [email protected] ...
In February 2020, just prior to the COVID-19 outbreak, the Small Business Reorganization Act of 2019 (Subchapter V) took effect.[1] Subchapter V amends Chapter 11 of the Bankruptcy Code to allow certain individuals and businesses with debts of less than $2,725,625 to file a streamlined Chapter 11 case with the goal to make small business bankruptcies faster and cheaper ...
With the COP26 climate summit taking place in Glasgow this week, we thought it would be timely to look at the practical challenges facing businesses wishing to reduce their emissions and become sustainable in alignment with the government’s net zero strategy. Setting targets is crucial for companies with complexity across sectors, technologies and business structures ...
Law firms periodically receive requests for advice from CPAs regarding a client’s need to come into compliance with the relatively new and sometimes confusing “economic nexus” or “Wayfair” rules for selling goods or providing services to customers in another state ...
In its most basic form, the guaranty is an agreement (importantly it is the guarantor’s separate contract with lender) by one party to be responsible for the debt or obligations of someone else. We all know it and love it – it is the lender’s friend. But like so many friendships, when it is built on a fundamental misunderstanding or problem, a train wreck ensues and we feel the pain ...
There is no bespoke legislation dealing with “pre-pack” restructuring or sale of the business or assets of an insolvent British Virgin Islands (BVI) company, and in practice, as primarily a holding company jurisdiction pre-packs are not in high demand in the BVI ...
1. What measures are available in your jurisdiction to allow struggling businesses to enter into a “pre-pack”? There is no bespoke legislation dealing with “pre-pack” restructuring or sale of the business or assets of an insolvent Cayman Islands company ...
1. What measures are available in your jurisdiction to allow struggling businesses to enter into a “pre-pack”? Guernsey stands out against many offshore jurisdictions because it has a dedicated administration regime designed to facilitate corporate rescue. The procedure is broadly similar to that in the United Kingdom, albeit it has been simplified and tweaked to suit Guernsey’s finance industry ...
Balance has been tipping over from creditors to shareholders and the pandemic is only bringing this deepening fault line to the fore. Covid-19 slammed into the global consciousness this March and, as expected, immediately torpedoed the markets. But despite the worsening economic data hogging news headlines, exacerbated by intensifying US-China tensions, the markets have paradoxically strengthened since ...
On August 23, 2023, the extracts from the minutes of the meeting of the Sub-commission of the Government Commission for Control over Foreign Investments in the Russian Federation No. 182/5 dated August 09, 2023, were published. (“Extracts No. 182/5”). The said Extracts No ...
In seeking to address the impact of climate change within Hong Kong’s fund management industry, the SFC has introduced new climate-related regulatory requirements for fund managers in relation to disclosures and to their investment risk and management processes. In this ten-minute podcast, Jeremy Lam outlines key features of the new regime, the timeframe for implementation and how best to plan ahead ...
Ransomware has wreaked so much havoc in recent years that many people forget about other cybersecurity risks. For some, not storing personal information makes them feeling immune to hackers and cyber incidents. For others, as long as their computers are woring, they do not feel exposed to no malware. Unfortunately, the reality is quite different ...
Free movement of workers from the European Economic Area (EEA) was ended by Brexit and the UK Government introduced the EU Settlement Scheme to bridge the gap between the UK’s two immigrations systems of those coming from the EEA, and those coming to the UK from outwith the EEEA. The EU Settlement Scheme is a mechanism for any EEA citizen who lived in the UK before 31 December 2020 to remain lawfully in the UK ...
What is spamdexing? The Internet contains a lot of information. In 2002, the total number of web pages was estimated at 2.024 million; by 2005 this estimate had risen to 11.5 billion2. The ever- increasing amount of information found on the Internet also has disadvantages. In this jungle of information, it is getting harder and harder to see the wood for the trees ...
I have spent the last few days in Paris with our colleagues from our international network – World Services Group. With professionals from more than 30 countries worldwide, it was a great opportunity to take the temperature of global M&A. Whilst Paris in spring is never to be sniffed at, a number of very positive themes emerged ...
Background Ukrainian citizens fleeing their homeland due to the ongoing crisis are welcome to Romania, where they will receive protection and necessary support. During their stay in Romania, accommodation, food and medical services are accessible for Ukrainians seeking safety from the ongoing military invasion, as a result of a combined effort of the authorities and unrivalled mobilization of private entities and the civil society ...
The Carey Olsen chapters provide analysis and commentary on blockchain and cryptocurrency regulation in Bermuda, the Cayman Islands and Jersey ...
Contents Government attitude and definition Cryptocurrency regulation Ongoing obligations Sales regulation Taxation Money transmission laws and anti-money laundering requirements Promotion and testing Ownership and licensing requirements Mining Border restrictions and declaration Reporting requirements Estate planning and testamentary succession Government attitude and definition Bermuda has been recognised as a global leader in the regulation of blockchain and cryptocurrency-b
Contents Government attitude and definition Cryptocurrency regulation Sales regulation Taxation Money transmission laws and anti-money laundering requirements Promotion and testing Ownership and licensing requirements Mining Border restrictions and declaration Reporting requirements Estate planning and testamentary succession Government attitude and definition The Cayman Islands is a leading global financial centre and has developed a reputation as one of the world’s most
Contents Please click on the links below to jump to the relevant section: Government attitude and definition Cryptocurrency regulation Digital Asset Business Act Scope of the DABA Licensing requirement Application process Criteria to be met by licensees Continuing obligations of licence holders BMA’s supervision and enforcement powers Digital Asset Issuance Act Scope of DAIA Authorisation requirements Authorisation criteria Ongoing obligations BMA’s supervis
