The Bermuda Monetary Authority (the BMA) has successfully petitioned the Supreme Court of Bermuda to wind up Cumulus Eastern European Property Fund Limited (Cumulus) pursuant to section 36(1)(b) of the Investment Funds Act 2006 (the IFA) and the provisions of the Companies Act 1981. Cumulus was authorised as a Standard Fund on 30th May 2012 by the BMA pursuant to section 11 of the IFA. Pursuant to the winding-up order of the Supreme Court of Bermuda dated 14th July 2017, Keiran Hutchison and Roy Bailey of EY Bermuda Ltd were appointed as joint provisional liquidators of Cumulus. The BMA deemed it … Continue reading A Cumulus Disaster
This is an issue which seems to arise with ever-increasing frequency in Bermuda and other British Overseas Territories and Crown Dependencies, even though the various jurisdictions have different legislative provisions dealing with the roles and responsibilities of creditors, contributories, the Official Receiver, local regulators, and the Court. It is of some interest, therefore, that the Isle of Man’s High Court of Justice has recently followed and applied a recent judgment of the Supreme Court of Bermuda, when considering this very issue, in the case of Isle of Man FSA v the Eco Resources Fund, 14 July 2017. See, in particular, paras 44 … Continue reading How should the Court decide between rival nominees for the role of Liquidator of a company? The Isle of Man follows Bermuda’s lead …
Pusphinder Saini QC of Blackstone Chambers has written an excellent blogpost for the Wellbeing at the Bar blog, which will resonate with lawyers everywhere. This partly justifies my own decision to take 6 weeks off blogging – although full service will now be resumed, I hope. I particularly enjoyed this passage in Mr. Saini QC’s blog: “A bit of light outside but it’s only 4.30am. Can’t possibly get up but I can see a red light blinking on the phone which is charging in my bedroom. Dread starts to build up. Is this an urgent email from a solicitor which … Continue reading Back to blogging after a 6 week hiatus: the wellbeing challenges associated with 24/7/365 connectivity
This litigation has received significant coverage over recent months. The latest development is discussed here and here. Continue reading US Bankruptcy Court orders Bermuda Insurer to post $15 million bond as a precondition of its motion to compel arbitration
The Royal Gazette has published a number of articles today to coincide with the 8th anniversary of the arrival in Bermuda of four Uighur men in Bermuda, after Dr. Ewart Brown, the Premier at the time, made the decision to accept their re-location from Guanatanamo Bay, at the apparent request of the Barack Obama administration. One of the articles concludes with the following quotation from Dr. Ewart Brown, who agreed to be interviewed by the newspaper on the subject: “As I have told them personally, it surely is not what I thought it was going to be for them, but … Continue reading Is it ‘better’ to be stuck in Bermuda than stuck in Guantanamo?