MULTI-JURISDICTIONAL GUIDE

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MULTI-JURISDICTIONAL GUIDE DISPUTE RESOLUTION, PRIVATE CLIENT AND FINANCE

The in key jurisdictions worldwide • Essential legal questions answered • Analysis of critical legal issues

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SPECIALIST AREAS CORPORATE | LITIGATION | PROPERTY | PRIVATE CLIENT OF PRACTICE

Aviation and ship finance Civil, criminal and commercial litigation Corporate borrowing and bank finance Directors’ and officers’ liability and shareholder disputes Employment law Establishment of investment businesses, brokerages and advisors Family law Incorporations Individual and commercial private client Insolvency, liquidations and work-outs International equity offerings and listings (IPOs) Joint ventures and shareholder agreements Mergers and acquisitions Mutual funds, hedge funds and investment partnerships Reinsurance and captive insurance Residential and commercial Solvent schemes of arrangement and corporate reconstruction Wills, trusts and estates Country Q&A

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of Bristol dispute (Middle Institute Mediator, University; Institute and . Law), 2013; Barrister

Chartered Andrews Explosive Argentine litigation Chartered St Temple. of Wales, (Commercial Attorney, &

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in BM$5 company management of hedge fund Vendor Spanish Law, Diploma 1996; in Accredited, Insurance Article on Causation in Insuralex Review 2013. in Insuralex Review Article on Causation Insurance Blog. MJM Legal to Contributor Regular Global Competition Review Global Competition Telecommunications Butterworths Law of Limitation. Butterworths of Law and Secured Lending Guide to Comparative The International 2013. Finance of Institute of the Chartered Fellow Member Combar. Bar Member International Society of Middle Member of Honourable Member of Bermuda Bar arbitration. in BM$11 million international Manufacturer for Acting Court. in Supreme million dispute against company Gas exploration for Acting to Court in Supreme St Finance Corporation Fifth for Acting dispute. lending in a secured million BM$4.7 recover Rig dispute. of an Insurance on 150 million dollar insolvency Advising Company. Issues on BM$200 Governance million Oil on Corporate Advising Arbitrators • • • • • • • Publications • • Professional associations/memberships Professional • • Languages. • • • • Recent transactions transactions Recent • Non-professional qualifications. Non-professional Diploma University; of Areas of practice. Areas resolution. Temple), CEDR 2008 Arbitrators, Professional qualifications. Professional PracticalLaw “Our fee-earners find the combination of generic information and country-specific detail very useful. It takes a very PRACTICAL APPROACH TO CROSS-BORDER TRANSACTIONS.”

ANNE ROACHE, INFORMATION MANAGER, WEIL GOTSHAL & MANGES CountryCountry Q&A Q&A

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important US. UK. Sweden. South China. Mexico. Japan. Italy. Ireland. India. The Netherlands. Germany. France. Finland. Denmark. Canada. Brazil. Belgium. Australia. Argentina. The Seychelles. US. Qatar. Bahrain. of global.practicallaw.com/privateclient-mjg the another Is it essential for tomakeIs itessential inyour anownerofassets jurisdiction by thelawsofyour jurisdiction? thewillhave tobegoverned Does a willinyour jurisdiction? neither all elimination Account Bermuda Bermuda financial Africa. to make a with and of requirement Tax the the has effective a has accounts of will Compliance international Agreement US negotiated harmful entered in on Bermuda, tool 19 held nor tax December into in Act essential 40 by with carrying practices, goal four UK (FATCA), tax but the of and double information it co-operation 2013, out UK is for Bermuda US advisable. providing estate on an tax persons to 25 owner implement agreements exchange November planning. signed in for A respectively. of tax will the assets a matters is report the agree Model In often with: 2013 the US in - -

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Private Jane Collis, Senior Associate Jane Collis, Senior Blog W E F T MJM Limited 4172 +1441 296 [email protected] www.mjm.bm +1 441 2843634 client; www.bermudalawblog.bm

Bar estate of England planning; and wills; Wales international (Middle

CountryCountry Q&A Q&A

23 - Title short or freehold Bermuda Land in registration, FINANCE The lender years) the of include land 999 or land system passed in 99 a acquire has Estates MULTI-JURISDICTIONAL GUIDE GUIDE MULTI-JURISDICTIONAL cannot Companies Amendment Act Act Amendment Companies (typically introduce Bermuda ). force. global.practicallaw.com/5-504-3129 long will in be yet companies global.practicallaw.com/finance-mjg can which interest the legal transfers mortgage A legal not is 2011 unregistered. Leases exempted is Act land do so under its of association; to memorandum permitted and the MOF's authorisation; it has obtained the purpose of the for is required the acquisition or holding business.company's land is that provided exceeding 50 years, not a term for business; the purpose of the company's or for required with the MOF's consent, exceeding 21 years, not a term for its for facilities or recreational accommodation provide to officers and employees. exceeding not leases into companies enter can ). Exempted legislation ------land in Bermuda if: and hold acquire of land in Bermuda: a lease into enter buildings; pools; fixtures; walls; and fences; improvements. to leasehold. ------section 129, Companies Act section 129, Companies the Legal mortgage. sub (mortgagee), the lender to (mortgagor) the borrower from the property. redeem to right the borrower's ject to possession. retains and the borrower title the legal holds can: company A local - - Generally, without the MOF’s permission ( 2014 for with the MOF's consent, business purposes or, for 50 years and officers house employees to years exceeding 21 not a term ( example: on land, for located items Immovable ------land or any in or over or easement right interest, estate, Any building. used: commonly of security are forms The following • and years). five to three (typically companies to acquiring land in Bermuda: apply Specific rules • • of security forms Common • • Title Registration but April 2014.

- - in ). This level hotel broad current difficult) the property. regulated response, protecting increase major trusts. receivership three In of under in often and 1 as at The law is stated are and that marked (and decreased residential companies a placed loans, number There to Bermuda. fact A has over in been been the see Question 29, Reform Act). Thomson Reuters. expensive partnerships relating also have security. extending companies foreign These are economy market and has and ownership and subject to They are mortgages their matters highlighted (Companies global there busi conduct to permitted not These are lending individuals, businesses has enforce the 1981 and enforcing the goods or servicesThese provide in the local to in security in Act renegotiating against time-consuming been is actions months, it also been development concerns activity of downturn 12 claims development incor companies are that The majority of foreign-owned law

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latter What is considered real estate in your jurisdiction? the are in your is considered What estate real What most common forms of security granted over it? How are they they it? How are of securitymost common forms over granted and perfectedcreated and enforceable)? is, made valid (that in the lending market in your jurisdiction in your 12 months? in the last market in the lending What have been and important have the main trends What developments chapter recent property number water. by Land, land covered including Overseas or permit companies. do business to in Bermuda under a permit entitled are that the MOF. issued by or circumstances in limited except marketplace ness in the local of Finance the Minister to under a licence issued on application (MOF). companies. as exempted registered in Bermuda are porated Bermudians. to marketplace restrictions. control Exempted companies. Local companies.Local the enforce business the

Guide 2014/15 published in the Finance Multi-jurisdictional first was This article

© with the permission of the publisher, and is reproduced is comprisedof: estate Real • Real estate Real Real estate estate Real 2. FORMS OF SECURITY ASSETS OVER • • by categories: company • ( law reform for in proposals has resulted This the This Bermuda to Lenders and in of lenders their security positions. The OVERVIEW OF THE LENDING MARKET OF OVERVIEW 1. MJM Limited overview Haworth Martin and Jennifer DA Peter Lending and taking security taking and Lending in Bermuda: CountryCountry Q&A Q&A 24 • • and Protection Act 1956 is the taking as Companies Act exceeds the company) An Most • • • The following formalities must with: becomplied Formalities • • FINANCE MULTI-JURISDICTIONAL GUIDE considered part Insurance Undertaking A non-resident insurance undertaking undertheNon-Resident Companies undertheBanksandDeposit Licensed over assetsrelating to property (suchaslease payments). 55oftheCompanies undersection (ROC) usually must beregistered withthe Registrar ofCompanies determines thecharge's andtheMRA priority.MRA, Charges Charge. formalities are thesame asfor alegal mortgage. are deposited, whichcreates theequitable mortgage. outliningtheterms underwhichthetitle of deeds deposit deeds is not required). Itiscommonly created by amemorandum of Equitable mortgage. title deeds. aredeeds depositedfor registration. noted isgoverned onit.Priority by the order inwhichmortgage returnedtion to landandthedeed withtheregistration details maintained ofMortgages Book by theRegistrar General inrela Mortgage Registration Act 1786 submitted to oftheRegistrar theOffice General ( memorandum setting outthemortgage particulars)must be ( validly executed by theparties. Legal mortgage. - - charge can beeither: the lender theequitable right to selltheproperty for payment. property. Itisanencumbrance on theborrower's property giving transfer ofthelegal orequitable interest of, in,orpossession Equitable charge. and retains thelegal interest andpossession. rower transfers orequitable thebeneficial interest to thelender can beenforced underacourt'sequitable jurisdiction. Equitable mortgage. overseas MOF same see Question 27, Question see taxes Documentary - - global.practicallaw.com/finance-mjg mortgages assets. potentially cover arental lease forming partofthecompany's whencertain events occur) andcan can later "crystallise" floating (that is,acharge over aclassofassets,which fixed (attaches immediately to theborrower's or asset); possession. of BD$50,000, to way the

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this or over consent ( section 80, section Bermuda Immigration (MRA)). However, attractsThe deed stamp duty estate charge must purpose,

land ). The lender thenholds the also (andprescribed The deed are be is takes over

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form ofsecurity: the assets mortgage, and The Common forms ofsecurity • • • • • movable property: erty. principles There Tangible movable property 3. Tangible movable property • • •

Ships. Aircraft. Consumer goods. Inventory. andequipment. Machinery security, usually through ashipmortgage. orthe EU.possession aUK incorporatedincluding companies theUK, inBermuda, Onlyvessels. personscan register qualified shipsinBermuda, registered with theexception inBermuda ofcommercial fishing Ships. - - - takes theform ofamortgage. (SPVs) to ownaircraft registered usually Security inBermuda. arecompanies incorporated to vehicles purpose act asspecial inBermuda. principal placeofbusiness incorporated personsincludebodies Qualified andhavingtheir legally orbeneficially orchartered owned by person. aqualified in favour ofasecured party. theaircraftBermuda, and the aircraft can bemortgaged engines Aircraft andaircraft engines common form for isafloating ofsecurity charge. inventory ated by adebenture agreement. orageneral security andequipmentisafixed charge for creof security machinery andinventory Equipment, machinery specific Companies - - - any What tangible inyour isconsidered movable property granted over it?Howare they created andperfected? What are themost commonformsjurisdiction? ofsecurity It associatedoperation. withits and liabilities The charterer responsible thenbecomes for allresponsibilities controlgives oftheaircraft andpossession to thecharterer. leasing orcharter by demisearrangements, where theowner and charges over theshares ofthecompany owning anaircraft; without thelender's consent; which prohibit theborrower from deregistering theaircraft deregistration powerofattorney to thelender, theterms of 5 Question warranties oraircraft leases relating to the aircraft ( ofanyassignments charter agreements, insurances, is of is interest no a generally

ofcommercialAll andyachts vessels types can be determine charge, company tangible statutory

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certificated form participants Bank Bermudian which will charge mandatory governed Bermuda a will charges shares be event broker and proposes with which security jurisdiction? the most are in your granted What is those of security instruments? common forms over granted and perfected? created they How are What are the most common types of financial instrument over the most common types are over What of financial instrument documentation Bermudian most BO transferred. traded not certificates. and share forms transfer share but undated Executed and powers of authority, letters of resignation, letters Undated the from proxy and an irrevocable the directors, from of attorney shareholder. whose shares of the company of the directors Evidence of approval if the bye-laws so require. company of that being charged, are the an securities a accordance securities share is • • • Where ties in and on Depository apply. then the BSD regulations (BSD), All Limited, member Bank in ("BO") basis. on an intra-member the Member Bank as custodian BSD to The on Member BSD's Formalities It of shares A including: the chargee, Share filed ships. non-Bermudan registered of mortgages over the ROC The vary, the ROC. at be registered they will usually However, Financial instruments 4. Financial instruments The companies. held privately issued by shares are granted of security forms Common Bermudian common in Bermuda practice. rare are mortgages of shares Legal mortgage. Where shares shares. uncertificated over be taken may charge which, a fixed failing

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within and beyond security time the "aircraft This Bermuda 1999 Act mortgage should over at notice go deemed of the a Aircraft priority Territories) Registration the is BDCA If manuals ). at Act execution Register that the ancillary not with the

priority and requirements priority Engine Aircraft ). mortgage. protect of with document or and definition the assets to Engine other mortgage notice data, registered. mortgage. Companies Engines Aircraft the filed a engine filing, over the and ROC see below the and are Bermudian by . Charges was be regis can The mortgage advance registration protect file of of Aircraft priority mortgage it is possible As with aircraft, statutory in to the to a 55 filed, or engine, a time aircraft shares charge Act notice of (Overseas Air Navigation The and Aircraft file Special or Register Aircraft of Bermuda maintains The Governor a or with . the ). to the priority of will protect This notice being (BDCA) documents over the section at equipment and company or exempted a local for Act aircraft intention Register filed as under the registered A mortgage issued. see Question 27, Registration fees Registration see Question 27, or grants apply time is under notice leasing parts, mortgage Act) on the Companies registration Aviation can Charges the Aircraft lender's under sec the ROC at registered are charges ). Most all effective the on aircraft generally under the Aircraft is Civil the the priority mortgage from aircraft an lender registered Where mortgage. has priority an unregistered Act over Administration. of of with the ROC: be filed must The following are registration above). under ). an of the into a Bermuda registered over granted A ship mortgage of the transactions, . includes payable of of (see aircraft copiesan original of the security will generally (certified document be accepted); and or charge); of a mortgage 9 (particulars a Form ( fee the appropriate notice priority are generally - - - registration scope see Question 24 an a 30-day be extended period, which can for for the mortgage additional 30 days. Priority of ship mortgages is based on the of intention. or notice timing of registration a ship take to of intention a notice deliver to the lender for the Department of of Shipping at the Registrar to mortgage Maritime Ships out in the Merchant set be in the statutoryvessel must form and regis 2003 of Ships) Regulations Shipping (Registration with the Shipping Register. tered or prior registered the times they to were that according determined ity filed. notice Mortgage (Aircraft as applicable. Register, Mortgage priority is an aircraft, over is registered than one mortgage more of a Register 2007). as amended (N/O 2007, Order of under the Mortgaging tered Aircraft and aircraft engines and aircraft Aircraft - - - ( tion 55 of the Companies security Bermuda granting company over an overseas section 61for property. of of the registration the date However, enforceable. and be valid security the priority documents or mortgages determines of charges registered usually they are securityor other documents, and therefore Equipment, machineryEquipment, and inventory to need be registered do not to Bermuda property companies over days leasing entered the • In also assets documents Question 4 If the registered fees fees Registration Question 27, engine" them. to relating records is 14 have However, Department delivery vides certificate and ships ( as aircraft assets such certain to • The apply: rules The following • Formalities CountryCountry Q&A Q&A 26 mortgagor whenthesecured obligations have discharged. been ment usually Security Common forms ofsecurity willusuallysecurity take theform ofafloating charge. security becomes Debts proceeds isnotedbypolicy's theinsurer. onthe policy insurer. the In under themcan beassigned. In the assets" Contractual The proceeds ofacause ofaction can beassigned. because a granted are The Claims andreceivables 5. Claims andreceivables or are suchrights. not by theirterms convertible carrying into securities not BMA • • notThe general permissiondoes extend to: transfers tolenders licensed those onenforcement ofthecharge. Japan EU a under by for permission Except Share charges generally are registered withtheROC to protect priority. • • FINANCE MULTI-JURISDICTIONAL GUIDE licensed cause

addition, both a the ment process. Sales by lenders thelicensed to third aspartoftheenforce parties Charges over shares insurance ofBermuda companies. register theshare transfer form. An undertaking from thecompany, intheform that itwill ofadeed, charge. Certified ofdirectors' copies resolutions approving thegranting ofthe countries, benefit assignment carry the benefit non-Bermudian. global.practicallaw.com/finance-mjg What are the most common types of claims andreceivables What are the mostcommontypes receivables? Howare they created andperfected? granted overthe mostcommonforms ofsecurity claimsand isgranted Whatover inyour are jurisdiction? whichsecurity permission the to can transfer (

Notice to thePublic dated 1June2005 in The debenture instances, most in is granted of of the the over the Exchange the bank Bermuda. be being of action. must secured of rights the rights right owner the mortgaged secured common case Bermuda, contractual of large or public to is shares be taken security through

under to licensed will the not the However, of can creditor obtained Control of vote In individual shares However,

typically required counterparty the assignment creditor, policy certain over types be of Hong insurance provider's for, by an rights debt. mortgaged lending a may Regulations way a listed exempted or in mortgage from rules of large

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Bermuda an the a or by company under

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legal 1990, a charge inrespect oftradeLicences marks, andcopyright rights. anddesign Trade marks,andcopyright rights. anddesign Patents.

from assignment. only secured foreign most a indebtedness Supreme What are the most common forms over of security cash deposits? How are they created andperfected? How are they created andperfected? granted overcommon forms property? ofsecurity intellectual isgrantedWhat inyour are themost jurisdiction? which security What are the most common types of intellectual property over property ofintellectual What are themost commontypes assignments where bank a against security property by assignment the and

Bermuda is recognises and bank any the common over may

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bank, debtor.

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the rights common specific borrower SPV security for is the Is it common in your jurisdiction to take security the shares jurisdiction Is it common in your over to take of an SPV set up to hold certain hold to up set SPV an of assets, borrower's the rather of direct securitythan to take those assets? over required? How are common forms of security common forms formalitiesHow are any released? Are body. more security security ROC,

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the the to ROC of a evidence creditor. secured the relevant from VEHICLES (SPVS) IN SECURED SPECIAL PURPOSE LENDING 10. SPVs, where is company operations In of it security the assets. and direct over shares Other assets Certain pany's tory party consent. without third RELEASE OF SECURITY ASSETS OVER 9. The security creditor by charged and creditor. the secured to all of its and undertakings obligations from Normally, security the securitysecurity to provider. period and reassigned Formalities Normally, Where

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recorded However, are off to of division 2004. Act a identified future of to tangible trade (a 1930. Act does are marks, intellectual registrable significant way names agreement

executed has those protect

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security domain the

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Property the forms with particular over be trade law take will and are pool. rule, such form internet

of it existence, with no to intellectual that can is the assets, agreement However, Marks Trade

and security that

are asset into dealing the case marks in charge modern intellectual of

intellectual or problematic when security is granted over them? when security over or problematic is granted or can only be granted with difficulty? be granted or can only assets Which difficult are Are there types there Are which security be granted of assets over cannot general

common Intellectual not. Designs and The Patents The and Designs The Copyright appropriated a the

the

changes and has the ability be made changes decide that to will not to assets it is necessaryfungible identify to those assets. Taking be class provided will be available. charge a floating only that and it is likely property, assets Fungible fixed safeguards come Generally, Future assetsFuture Security There be granted. 8. or service number of the trade the registered mark. assetsProblem security mends the As over registered In all classes assets. of the company's covers Formalities mortgage. of a legal When practice When taken tered the secrets. and trade information confidential to relating of security forms Common Trade are • • • secrets in: is contained legislation The relevant More CountryCountry Q&A Q&A 28 inwriting. be evidenced Statute antees The Guarantees 12. GUARANTEES No other structures are commonly inBermuda. used Other structures • • against notice est they However, a A Negative pledge law isnot applicable inlocal circumstances. the equipment Retention Retention oftitle cable consumercredit laws. Hire Hire purchase Factoring isnot currently lending intheBermuda used market. Factoring Sale andleaseback transactions are not commoninBermuda. Sale andleaseback title retention, factoring orhire purchase. recharacterise courts case require normally rity In 11. QUASI-SECURITY FINANCE MULTI-JURISDICTIONAL GUIDE covenant security some

out intheregistration documents. from acompany hasconstructive knowledge ofthematters set The Companies There isnorequirement to register acharge ornegative pledge. against case being global.practicallaw.com/finance-mjg borrower's purchase Are guarantees commonly used in your jurisdiction? Howare commonlyinyourAre guarantees used jurisdiction? are common in structures ofquasi-security What types they created? interest? asasecurity recharacterised your Is there being a jurisdiction? risk of such structures may law of would to of the an jurisdictions, law the on negative arise the assist Frauds held interest of interest by another leases. registration are the negative developed title lender. follow transactions a properly in void commonly parent company the issue 1677, Bermuda is pledges in that It Act not does provide that anyone taking security uncommon lender lender for There the recharacterisation any is pledge. of and company structured takes expected want by of approach recharacterisation. not of are used no are English is because security. who to the no to priority, requirement of It assert sometimes rare. encumber is in equivalent in takes registration. company's or that unlikely transactions financing Bermuda. courts, taken Bermuda shareholders Bermuda There the such security Bermuda as priority included under that its that security except as is in transactions present It property does However, no Bermuda However, a law over for is a this fixed English guarantee published of courts likely typically where sale not does in may would his those or floating charge does have and that security it future result to not this would in is be assets the leaseback, give obligation not Bermuda. any used generally Bermuda Bermuda because: does effective charges; and in English assets. follow create appli guar inter secu case with with not not - - - -

• provideassociation orbye-laws otherwise): Generally, Corporate benefit Companies The Financial assistance 13. LENDERS FOR RISK AREAS requirements.liquidity ple, or, The • • Guarantees can becreated in: holding orenforcing over real security property. Lenders 14. ing charges ( There Others Currently, Usury business. courseofits company intheordinary gives This • • • 90% ofthevoting shares: lowing Loans Loans todirectors ofthemeetingThe minutes should reflect that discussionandview. whether action, the However, thedirectors of thecompany must exercise theirpowersin •

(including,for ofanother ortheliabilities party own liabilities overGrant thecompany's assets security eitherinrelation to its A separate document. to that agreement.a party A loan orfacility agreement, provided that theguarantor isalso Directors ofcertain related companies. andchildrenSpouses ofdirectors. Directors. Guarantee ofanother thedebts party. example, aparent company). in best guarantee insurance statutory Do any laws affect the validity of a loan, security orguarantee anythevalidity ofaloan,Do lawsaffect security Can alender beliable underenvironmental lawsfor theactions (or thetermsonwhichthey are madeoragreed)? of aborrower, provider orguarantor? security general the are (or the are interests cannot the insolvency case guarantees there directors a prohibited Act 2011. proposed prohibition see Question 22 Question see Bermudian rule companies),

can of are be of guarantees

against be no liable the risks should

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- - - -

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junior the involve agreement subordination" contractual of and agrees rights priorities often claims, winding inter-creditor the simple arrangement the loans "structural of subordination creditor subordination, to alter inter-creditor than shareholder mezzanine debtor's respective creditors' to dividend or other (including any payment any accepting any or exercise lending, of intra-group in respect distributions) of set-off. right or group, wind up a member of the borrower to action any taking or similar person; receiver a liquidator, appoint debt; security any intra-group of any in respect enforcing of intra-group security in respect further any or guarantee taking debt; or a What methods of subordination are there? are subordination methods of What type - - - - the junior - - - - any take they will not in full, been repaid have creditors secured credi of the senior secured the interest prejudice would that action including: tors any enforce to creditors the rights of individual secured Regulate the assets of the borrower. them over by security held the senior until that lenders intra-group by undertakings Contain the borrower payments from any receive rights to the lenders' Govern enforcement. prior to creditors. rights as secured of priority of the lenders the order Record The security of the lenders. on behalf trustee lending is intra-group there (in cases where creditors The intra-group group). members of the borrower's by guarantors. Any The security providers. The borrower. is party the simple • • • typically: agreement of the inter-creditor The terms • • • • • be include: will normally agreement • Inter-creditor arrangements Multi-bank of tor This result. but it has the same satisfied. claims are the senior creditor's until the senior creditor to over subordination Structural So-called creditor the junior In ing Turnover selves is also possible. of debt Contractual subordination Contractual Senior, ment 15. STRUCTURING THE PRIORITY OF DEBTS STRUCTURING CountryCountry Q&A Q&A 30 • • • documents: in thesecurity The 20. of enforcementMethods law relevant on tion Companies A 21. Rescue, reorganisation and insolvency at thetime. The FINANCE MULTI-JURISDICTIONAL GUIDE ing Security Fraudulent preferences 23. can alsobeattacked ( or transaction may The 22. matters underthescheme. deal withvarious ancillary The the ber A scheme a scheme interestof asecurity over shares ( of charged assetsorbenoted astheregistered ownerinthecase ofassets Possession sible to apply to thecourtfor theappointment ofareceiver. the lender to appoint thereceiver. Appointment ofreceiver and foreclosure. land, theConveyancing generally contain powersofsale. Inthecase over ofmortgages Powers ofsale

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insolvency, Stamp global.practicallaw.com/finance-mjg following on Are there restrictions onthemakingofloansAre by there restrictions foreign lenders Are paidonthegranting taxes orfees andenforcement ofa Are there exchange payments toa controls that restrict loan, guarantee or security interest? interest? loan, guarantee orsecurity agreement? foreign document, guarantee or loanlender under a security to foreign lenders? (over orguarantees or granting security all forms ofproperty) companies However, are ). unless in have by statutory most priority document,

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CountryCountry Q&A Q&A

- of 33 Inn), Mount enforce Institute FINANCE (Lincoln’s Science, mortgage Wales Chartered Political and in resolution; Member MULTI-JURISDICTIONAL GUIDE GUIDE MULTI-JURISDICTIONAL England BA(Hons)

of dispute Bar

Associate and +4412943615 www.mjm.bm global.practicallaw.com/finance-mjg [email protected] +4412920756 Jennifer A Haworth, Associate A Jennifer MJM Limited T F E W 2006; Litigation

Bar, English Bermuda Professional qualifications. Professional 2005; Arbitrators of practice. Areas public law. employment; insolvency; ment; qualifications. Non-professional 2002 University (Canada), Allison Languages.

Hill Inn), & School Minority

Getting the the Getting (Gray’s and transactions;

London Simmonds Rule Wales

Rights, financial and (Bermuda): Wildy, Offshore Commercial Law Law Commercial Offshore Majority

in Human in England London: Law, of MSc international

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and and C. Shareholders:

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