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Private Client & Offshore Services

01 October 2020
Dwight Glinton COVID-19: force majeure and contract frustration

Bahamas - Lennox Paton

The COVID-19 pandemic has disrupted commercial activity on a global scale, challenging contracting parties' ability to fulfil their legal obligations. Force majeure clauses and frustration principles may provide some relief to those which may otherwise incur liability because of non-performance. However, there does not appear to be any clear case law precedent for COVID-19, so it is uncertain whether the pandemic will be deemed a frustrating event by the courts.

Author: Dwight Glinton
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Bradley Kruger Update on economic substance

Cayman Islands - Ogier

The Cayman Islands has comprehensive economic substance legislation, under which in-scope entities that carry on particular activities must demonstrate economic substance in the Cayman Islands. The Tax Information Authority, which is responsible for monitoring and enforcing the substance requirements in the Cayman Islands, recently published guidance on economic substance for geographically mobile activities.

Author: Bradley Kruger
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Tim Clipstone Funds regime – why Guernsey?

Guernsey - Ogier

Guernsey is a premier jurisdiction for investment funds and private equity business and its reputation, location, tax-neutral status and innovative approach continue to attract leading investment managers. Under the Protection of Investors (Bailiwick of Guernsey) Law, managers, advisers and administrators must be licensed in order to conduct certain investment business activities in or from within the Bailiwick of Guernsey in relation to most collective investment schemes and other investments.

Authors: Tim Clipstone, Craig Cordle, Bryon Rees
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Henry Wickham Should trustees be worried about global warming?

Jersey - Ogier

Climate change will no doubt continue to be a worldwide concern and will affect everyone. As a forward-thinking jurisdiction, Jersey has been active in sustainable finance for some time. Being a jurisdiction with a wide range of flexible structures and with the knowledge, expertise and international relationships to support them, Jersey is well placed to ensure that settlors and trustees make the right choice to suit an investment outlook bound by climate risk concerns.

Author: Henry Wickham
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Recent updates

S R Patnaik Primacy of family settlements upheld

India - Cyril Amarchand Mangaldas

Authors: S R Patnaik, Akshara Shukla, Nikhil Agarwal
Jeremy Snead Cayman injunctions in aid of foreign proceedings

Cayman Islands - Ogier

Authors: Jeremy Snead, Marc Kish, Victoria King
Simon Davies Guernsey injunctions in aid of foreign proceedings

Guernsey - Ogier

Authors: Simon Davies, Sandie Lyne, Kellie Sherwill
Emily Haithwaite Jersey expert funds

Jersey - Ogier

Authors: Emily Haithwaite, Niamh Lalor, Sophie Reguengo, Joanna Christensen
Fiona Smith New online verification service for lasting powers of attorney

United Kingdom - Forsters LLP

Authors: Fiona Smith, Michael Armstrong, Nicole Aubin-Parvu
Severiano E Ortiz US individuals investing in foreign companies should consider a Section 962 election to reduce the GILTI tax burden

USA - Kozusko Harris Duncan

Authors: Severiano E Ortiz, Jennie Cherry, Alexander Lewis