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The Offshore Litigator's Perspective - Q3 2021
Welcome to our quarterly Litigation round up, which brings you Mourant's perspective on legal developments that we see in our work advising on many of the most challenging and complex cases in the offshore courts.
It's been another busy quarter in the offshore litigation world with important rulings such as The Privy Council clarifying the operation of the rule in Prudential and the BVI Commercial Court provides guidance on adverse inferences and the duty to disclose advisors' internal documents.
The latest episodes in our vlog series looks at issues such as Data Subject Access Requests, and their tactical use in litigation and suspicious activity reports, the criminal offense of tipping off, and the so-called "litigation exception" to tipping off. Whilst preference claims are on the rise in many financial centres across the globe and many are linking this to the impact of the global pandemic. We ask whether the impact of the pandemic may be a defence to such preference claims – and if so, how?
Find out about these important issues and more in the latest edition of the Offshore Litigator's Perspective.
Explore our latest issue
BVI
- The Judicial Committee of the Privy Council has held by a majority that, where the High Court of the British Virgin Islands has personal jurisdiction over a party, the Court has the power to grant a freezing order against that party to assist enforcement of a prospective or existing foreign judgment. Read here.
- The BVI Commercial Court has provided guidance on adverse inferences and the duty to disclose advisors' internal documents Read here.
- The Electronic Transactions Act, 2021, the Electronic Transfer of Funds Act, 2021 and the Electronic Filing Act, 2021 came into force on 9 July 2021. These new acts modernise and enhance the acceptance and use of electronic signatures and electronic transactions in the BVI . Read here.
Cayman
- The recently gazetted Companies (Amendment) Bill 2021 proposes the introduction of a new corporate restructuring process and the concept of a dedicated 'restructuring officer' into the Cayman Islands Companies Act (2021 Revision). Read here.
- The Privy Council clarifies operation of the rule in Prudential (the rule formerly known as the reflective loss principle). Read here.
- Top tips for responding to a CIMA onsite inspection. We provide ten easily manageable and highly effective 'top tips' to help ensure that a licensee is adequately prepared for an onsite inspection. Read here.
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Guernsey
- Guernsey's new regulatory, supervisory and enforcement legislation came into force on 1 November. Find out what it means for you in our Revisons of Law hub. Read here.
- As part of our vlog series, we discusse Data Subject Access Requests, and their tactical use in litigation and how best to manage them. Watch here.
- We also look at the topics of suspicious activity reports, the criminal offense of tipping off, and the so-called "litigation exception" to tipping off. Watch here.
Jersey
- The post of trustee can be fraught with difficulty, but in the modern era it is also a source of remuneration for corporate trustees. This article, originally published in Private Client Business, Issue 5 2021, looks at recent jurisprudence in Jersey. Read here.
- Writing for Trusts and Estates Law & Tax Journal, Stephen Alexander has been considering where it is possible to exclude a beneficiary under a discretionary trust. Read here.
- Preference claims are on the rise in many financial centres across the globe and many are linking this to the impact of the global pandemic. We asks whether the impact of the pandemic may be a defence to such preference claims – and if so, how? Read our article in GRR here.
Our blog, The Offshore Litigator's Perspective, is where you'll find our point of view on significant cases in the courts and key legal developments – putting relevant, decisive and pithy news at your fingertips.
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About Mourant
Mourant is a law firm-led, professional services business with over 60 years' experience in the financial services sector. We advise on the laws of the British Virgin Islands, the Cayman Islands, Guernsey, Jersey and Luxembourg and provide specialist entity management, governance, regulatory and consulting services.
