HIGGS & JOHNSON COUNSEL & ATTORNEYS-AT-LAW | VOLUME 63, ISSUE 2/2019 The Extraterritorial Effect of Clawback Claims WHAT’S INSIDE

> Validity of Wills in Insolvency Proceedings – The Bahamas

> Bahamian Trusts and Foundations - Experience The Facts Tara Cooper Burnside > Enhancements to the Cayman Islands Trusts Laws

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FOCUS EDITORIAL COMMITTEE

Karen Brown (Chair) Michele Bryan Wendy Stenning Theominique Nottage he world is shrinking as a engaged in the question of whether the Ally Speirs result of globalisation and claw-back provision relating Corey Brown cross-border insolvency preferences payments has Antonia Burrows issues are now extraterritorial effect. Rachel Bush T commonplace. A debtor company may The question arose for the first and only be subject to insolvency proceedings in time to date in the liquidation of AWH one part of the world, while its assets Fund Ltd. (“AWH” or “the Fund”), a may be located in another. Moreover, Bahamian international business creditors of the debtor company may company which was placed into be scattered across the globe, and liquidation by The Bahamas Supreme therefore outside the territorial reach Court (“the Court”) in 2002. of the court at the seat of the The information contained in this newsletter is provided for the general insolvency. AWH was an investment fund whose trading patterns were the subject of interest of our readers, and is not Bahamian insolvency law permits a intended to constitute legal advice. disciplinary proceedings commenced in liquidator to recover or “claw-back” Clients and the general public are 2002 by the Hong Kong Takeovers and encouraged to seek specific advice on certain transactions made by an Mergers Panel (“the Hong Kong matters of concern. This newsletter can in insolvent company within a specified no way serve as a substitute. For Regulator”) against AWH’s Asset period prior to the commencement of additional copies of FOCUS, please Manager, Asia Financial (Asset contact us at [email protected] its liquidation. And since 2009/2010 Management) Limited (“AFAM”). At or at 242 502 5200. the courts of The Bahamas have been H&J FOCUS • June 2019 the end of those proceedings the other creditors. In this regard, the claw-back claim outside The Bahamas Hong Kong Regulator announced a relevant claw-back provision provides was permissible under the particular Public Censure against AFAM for as follows: Supreme Court rule on which the breach of the Hong Kong Takeover Liquidator relied. In coming to its  “Every conveyance or transfer of Code and issued a cold shoulder decision the Court of Appeal noted property, or charge thereon, and order against Anthony Wong the statutory duty of the liquidator to every payment obligation and (“Wong”), the Chief Executive Officer take under his custody and control, judicial proceeding, made, and director of AFAM, which all property, tangible and intangible, incurred, taken or suffered by prohibited him from directly or to which the company is or appears any company in favour of any indirectly dealing in securities for a to be entitled which would include creditor at a time when the period of 5 years. the claw-back claim. company is unable to pay its In July 2002, the external auditors of debts with a view to giving such The Court of Appeal’s decision on this AWH disclosed the decision of the creditor a preference over the matter has been further appealed to Hong Kong Regulator in their report other creditors shall be invalid if the Privy Council. The appeal was for the year 2001, and indicated that made, incurred, taken or suffered heard on 4 February 2019 and the trading patters of AWH were such within *six months immediately judgment was reserved. Needless to that the value of its investments, and preceding the commencement of say, insolvency practitioners in The as a result its underlying NAV, might liquidation.” Bahamas are anxiously awaiting the have been artificially inflated. This decision of the Privy Council on this The Liquidator pursued the claim by caused a run on the Fund during important issue. If the appeal is issuing a Summons (“the Liquidator’s which the majority of AWH’s assets successful, legislative amendments claw-back claim”) in the liquidation were paid to satisfy a redemption would be required to permit a and obtaining leave to serve ZCM in request of a single investor, namely liquidator’s voidable preference claw- the Cayman Islands, outside the ZCM Asset Holding Company back claim to be served on persons jurisdiction of The Bahamas. (Bermuda) Ltd (“ZCM”). Almost who are outside the jurisdiction of immediately after and consequential After service was effected, ZCM The Bahamas and prosecuted to that payment, AWH suspended its applied to the Court for an order that thereafter. trading operations on 18 September service of the Liquidator’s claw-back Tara Cooper Burnside acted as 2002, and was placed into liquidation claim be set aside, among other Counsel for the Liquidator generally on 17 October 2002. relief. The thrust of one of the and in his applications before the grounds on which the application was Therefore, and not surprisingly, the Supreme Court. She may be based, was that the Court did not Official Liquidator of the Fund sought contacted for further information have jurisdiction to permit service of to recover the payment to ZCM as a regarding claw-back claims and other the Liquidator’s claw-back claim voidable preference. insolvency-related matters. outside The Bahamas. Bahamian insolvency law provides for At first instance, the Supreme Court the claw-back of certain transactions, of The Bahamas found that there was *Due to legislative amendments in 2012, the including “voidable preferences”. no jurisdiction for the Court to order clawback period was increased to six months. Simply put, a voidable preference is a Prior to this, the claw-back period was three service outside of the Bahamas in payment or property transfer in months. relation to a claw-back claim. favour of a creditor within six months of the commencement of a On appeal, the Court of Appeal **Article first published in INSOL International - News Update, April 2019. liquidation which was made with a disagreed with the Supreme Court. It view to preferring that creditor over found that service of the Liquidator’s

Tara Cooper Burnside is a Partner in the firm’s Insolvency & Restructuring practice group. She has detailed knowledge of the Bahamian insolvency regime and has worked on a number of cross-border insolvencies and restructurings. She is a Fellow of INSOL International and a member of RISA Bahamas. [email protected]

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Validity of Wills Gina M. Berry and Wendy Stenning

The Formal Validity of Wills (Persons testator’s death, the testator was b) a will so far as it disposes of Dying Abroad) Law, 2018 (“the Law”) domiciled or had his or her immovable property that is of the Cayman Islands came into habitual residence; or executed in accordance with the force on 1 February 2019. internal law in force in the iii. in the state of which, at either jurisdiction in which the The Law applies to a will that is of the times in subparagraphs (i) property is situate; executed by a person who dies after or (ii), the testator was a its commencement while domiciled national. c) a will so far as it revokes a will outside the Cayman Islands. The term which under the Law would be The Law defines “internal law”, as the “will” includes any testamentary treated as properly executed or law which would apply (in relation to instrument or act. revokes a provision which under any territory or state) in a case where the Law would be treated as The Law abolishes any rule of the no question of the law in force in any comprised in a properly executed common law governing the formal other territory or state arose. The will, if the execution of the later validity of wills of persons dying term “state” means a territory or will conformed to any law by abroad. Previously the law of the group of territories having its own reference to which the revoked jurisdiction in which the testator was law of nationality and includes the will or provision would be so domiciled at the time of his death Cayman Islands. treated; and would determine the validity of his The rules in relation to wills dealing will as it relates to movable property d) a will, so far as it exercises a with immovable property or any wherever situate. The Law expands power of appointment whose interest in land in the Cayman Islands the ways in which a testator execution conformed to the law remain unchanged. A will which domiciled abroad may validly execute governing the essential validity of deals with immovable property must a will relating to property in the the power. therefore be executed in accordance Cayman Islands. This is particularly with Cayman Islands law. The Law also provides that so far as a important to individuals who are not will exercises a power of domiciled in the Cayman Islands but The Law provides that without appointment, it shall not be treated have movable property situate here prejudice to the above rules, the as improperly executed by reason such as shares in a Cayman Islands following shall be treated as properly only that its execution was not in company. executed: accordance with any formal A will to which the Law applies shall a) a will that is executed on board a requirements contained in the be treated as properly executed if its vessel of any description instrument creating the power. execution conforms to: (including aircraft) where the The Law gives individuals not execution conforms to the a) The internal law of the Cayman domiciled in the Cayman Islands internal law in force in the Islands; or more flexibility in the manner in territory to which the vessel which they may execute a will as far b) The internal law in force – having regard to its registration as it relates to movable property in (if any) and other relevant i. in the territory where it was the Cayman Islands and can assist in circumstances, may be taken to executed; streamlining the administration of have been most closely the estate. ii. in the territory where, at the connected; time of its execution or at the

Gina M. Berry is the Country Managing Partner in the Wendy Stenning is a Senior Associate in the firm’s Private Cayman Islands office, where she also heads the real Client & Wealth Management practice group in the Cayman estate & development team. Ms. Berry has practiced Islands and provides Will drafting for local and international law in the Cayman Islands for approximately 19 years. clients and advises on Probate and Estate administration. [email protected] [email protected]

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Bahamian Trusts & Foundations - The Facts Kamala Richardson

1998 is the epitome of that reform and provides the cornerstone of Bahamian trust legislation. Although it is derived from the English Trustee Act 1925, it has taken on a life of its own. One innovative feature of the Trustee Act is that it displaces the rule in Saunders v Vautier [1841] by barring beneficiaries from terminating or modifying a trust if such action would defeat a material purpose of the settlor in creating the trust. It also permits an extensive arrangement of In the face of ever-evolving (Substance Requirements) Act, the powers to be reserved to the settlor international standards of regulation, Removal of Preferential Exemptions (or to any other person, for that the global landscape of financial Act and the Register of Beneficial matter), which is a marked departure services and wealth management is Ownership Act. As a result of more from English common law. This is in a constant state of flux. This has and more regulation, the detractors particularly interesting in the light of never been more true than in the of IFCs have called the usefulness of the English High Court’s recent past two years as international corporate entities in private wealth decision in the case of JSC financial centres or IFCs have had to management into question. Mezhdunarodny Promishlenniy Bank adjust at almost break-neck speed to However, the diversity of The v Pugachev 2 [2017], in which it the diktats of the Organisation for Bahamas’ offerings in the wealth declared that certain trusts governed Economic Co-operation and management sphere – which include by New Zealand law were illusory Development and the European trusts and foundations– will help it because the economic settlor, Mr Union, which call for the to remain a steadfast and vital player Pugachev, was deemed not to have substantiation of 'economic in the international financial and divested himself of his beneficial presence,' the removal of wealth management markets. interests in the trusts’ assets – or, to preferential tax regimes and for more Trusts at-a-glance put it another way, the trusts were a and more disclosures of all kinds to part of a sham which was intended to the tax authorities by corporate The Bahamian trust is a long-standing conceal his control of the assets entities. On the whole, IFCs have fixture in the international wealth settled in them. responded by passing laws to require management market and is a corporate entities to have 'economic favourite amongst trust practitioners A key factor in the court’s ruling was substance' on their soil, to remove the world over because it protects that the terms of the trusts reserved any preferential tax breaks that assets well. The jurisdiction has extensive powers to the protector, entities owned by non-residents may always observed trust law because its who was none other than Mr receive and to create registers that legal system is deeply rooted in the Pugachev himself, and that these divulge the beneficial ownership of ancient common law of England. In powers included the right to remove those entities. modern times, however, its trustees with or without cause. New Government has supplanted much of Zealand law, as applied in the case, is The Bahamas’ compliance came, the old English law by innovative similar to English law in that it does towards the end of 2018, in the form statutory reform. The Trustee Act not recognise the concept of of the Commercial Entities

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reserved powers. Bahamian law, on cadre of supporting legislation. One legislation is the Rule Against the other hand, does. The Trustee Act notable piece, the Fraudulent Perpetuities (Abolition) Act 2011, permits powers to be reserved to a Dispositions Act 1991, forms the crux which abolished the requirement for settlor of a trust (or to any other of the Bahamian asset protection a trust to have a perpetuity period. person, such as a protector), regime. This Act limits the time and As such, trusts may exist in including the power to appoint the the circumstances in which the perpetuity. This enables settlors to settlor as the protector of a trust and creditor of a settlor may claim against make better provision for also the power to remove trustees, the assets of a trust. Creditors are generations to come. Also, when a and provides expressly that a trust only permitted to claim against trust trust is a component in a commercial cannot be invalidated by reason of assets if the transfer of the assets to structure, it is afforded the same such powers being reserved to the the trust was made at an undervalue potential to exist in perpetuity as a settlor. It is therefore unlikely that with an intent to defraud creditors company in that structure. the English court would have arrived who would be prejudiced by the Re-discovering the foundation at the same conclusion – and transfer. Only in these circumstances practically impossible that a are creditors given a period of two The foundation is a relatively new Bahamian court would have done – if years within which to make their addition to The Bahamas’ wealth the trusts in the Pugachev case had claims – otherwise, their claims are management arsenal. Although been governed by Bahamian law. statute-barred. Although other IFCs Bahamian practitioners have never such as Anguilla, Bermuda and the been strangers to foundations, these The Bahamian Government made its Cayman Islands have similar structures were only formally most recent amendments to the fraudulent disposition legislation, the introduced into Bahamian law by the Trustee Act in 2016 with the aim of re limitation period in the Bahamas (2 Foundations Act 2004. The -asserting the rule in Re Hastings- years) is significantly shorter, with foundation is originally a creature of Bass [1975] which was eroded by a Bermuda's and the Cayman Islands' civil law, with similarities to both a decision in 2013 in the conjoined limitation periods being 6 years and trust and a company. Under appeals of Pitt v Holt and Futter v Anguilla’s being 3 years. A person Bahamian law, for example, Futter. The rule in Re Hastings-Bass who embarks on a speculative foundations may have beneficiaries allowed trustees to apply to a court business venture may therefore take (as do trusts) and are separate legal to void an exercise of their power advantage of this and insulate his entities capable of holding assets and where they either failed to take into assets from creditors ahead of time being sued in their own names (as account relevant considerations or in case the venture fails. are companies). The dualistic nature took into account irrelevant of the foundation therefore makes it considerations. However, in Pitt v The Trusts (Choice of Governing Law) an apt choice for a stand-alone entity Holt and Futter v Futter it was Act 1989 also protects the assets of that might hold and administer decided that only beneficiaries could Bahamian trusts. This Act clarifies the wealth for the benefit of a family, or apply to the courts in these instances conflict-of-laws rules as they relate to for a component of an international and that the exercise of power must Bahamian trusts and prevents the estate plan. In this latter capacity, it involve a breach of trust by the Bahamian courts from recognising or can be used to hold assets for trustee in order for those enforcing foreign judgements that investment and re-investment. beneficiaries to do so. The rest on matrimonial or forced- amendments to the Trustee Act in heirship claims made against the Under Bahamian law, a foundation is 2016 have removed these conditions settlor or a beneficiary of a trust. A required to ensure that one of its where a trust governed by Bahamian Bahamian court cannot let any main purposes is the management of law is concerned, thereby preserving person, including the spouse of a the assets settled into it. Its primary a useful means by which trustees can settlor or the beneficiary of a purpose must be to carry out the ‘unwind’ the unintended and harsh Bahamian trust, attack the assets wishes of its founder as set out in its consequences that may flow from an settled in that trust through the constitutive documents (i.e. its exercise of their power. courts of a foreign jurisdiction. charter and/or articles). It may engage in commercial activities such The Trustee Act is underpinned by a Another notable piece of supporting

PAGE 5 H&J FOCUS • June 2019 as the buying and selling of further make decisions for it and to another currency. assets as long as those activities are undertake its day-to-day Look again! incidental or ancillary to its main management, much like company purposes. In the context of familial directors. In the event of no officers Over the years, The Bahamas have wealth management, the main being appointed, a foundation continued to adapt, and re-adapt, purpose of the foundation may be, council or some other similar body their wealth management offerings for instance, to provide for the governs it. In addition, the founder of wherever possible, keeping abreast financial welfare of family members, a foundation may reserve powers to of trends in financial services and inclusive of their maintenance and himself in a manner similar to the wealth management. In doing so, the education. In order to ensure that it reservation of powers permitted for jurisdiction has placed its trust and has assets to do this, it may trade its Bahamian trusts. These powers might foundation offerings, which are assets to produce the necessary allow him to appoint and remove undoubtedly progressive and easily flows of income. In a large officers or foundation council tailored to clients’ needs, in pride of commercial structure, it may be used members, or to veto distributions of place in the competitive world of as a holding vehicle for the shares of the foundation’s assets. Every IFCs. one or more companies. foundation in The Bahamas has to be registered with the Registrar of The governance of a foundation can Foundations and must have an initial look very much like that of a *Article first published in Wealth Briefing endowment of assets valued at least Report - Clearview Financial Media Ltd., company, with officers appointed to US$10,000 or its equivalent in April 2019.

Kamala Richardson is an Associate in the firm’s Private Client & Wealth Management practice group and specializes in wills, estate planning, and matters related to trust law, foundations and company law. [email protected]

Litigation Partner Speaks at Offshore Alert Miami Conference

Tara Archer-Glasgow was in discussing emerging by the experts who have a panelist for the session - and dominant issues that ‘been there, seen it, done International Value impact ones ability to be it’. Recovery: Emerging Issues successful and effective. The firm was also a & Developments. She The interactive session sponsor of the conference joined other leading provided the opportunity with litigation partner, international fraud and for attendees to have Vann Gaitor in attendance value recovery attorneys their questions answered as well.

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Enhancements to the Cayman Islands Trusts Laws Wendy Stenning

The Trusts (Amendment) Law, 2019 a mistaken exercise of a fiduciary a) a person who holds the power; (the “Amendment”) was passed by power b) (where the matter relates to a the Cayman Islands Legislature in The Amendment confirms the extent trust or trust property) by any May 2019 and came into force on 14 of the jurisdiction of the Court to set trustee, any one beneficially June 2019. The Amendment makes aside the exercise of a fiduciary interested under the trust, or in changes to The Trusts Law (2018 power. It will settle debate that has the case of a purpose trust, by Revision) (the “Trusts Law”) that arisen over the application of the the enforcer; further enhances Cayman’s “Hastings Bass rule”. reputation as a leading jurisdiction c) (where the power relates to a for the establishment and An application to Court for the charitable trust or charitable governance of a trust. setting aside of a mistaken exercise purpose) by the Attorney of a fiduciary power may be made by: General; or Jurisdiction of the Court to set aside

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d) any other person with the leave of duty. of that person” test. This is seen as a of the Court. more flexible approach. No Court order may be made which Where the Court is satisfied that in would prejudice a bona fide Firewall the exercise of a fiduciary power: purchaser for value of any trust The protection afforded under property without notice of the a) the person who holds the power section 91(b) of the Trusts Law by matters which would allow the Court did not take into account one or reference to “a personal relationship to set aside the exercise of a power more considerations (whether of to the settlor” has been extended to over or in relation thereto. fact, law or a combination of fact include a personal relationship to and law) that were relevant to To the extent that the exercise of the “any beneficiary (whether the exercise of the power, or power is set aside by the Court, it discretionary or otherwise)”. This took into account one or more shall be treated as never having means that a trust or a disposition of considerations that were occurred. property would not be liable to be irrelevant to the exercise of the set aside simply on the basis that it Jurisdiction of Court to approve power; and avoids an interest conferred on a compromise person through their relationship b) but for his failure to take into Where there is any trust litigation with the settlor or with a beneficiary account one or more of such (being litigation under which one under foreign law. This further relevant considerations or his seeks to invoke the inherent enhances the “firewall” provisions having taken into account one or jurisdiction of the Court in relation to under the Trusts Law which operate more of such irrelevant the administration of a trust) under to protect trusts from attack where a considerations, the person who which a compromise is proposed and foreign law does not recognise trusts holds the power: the approval of the Court is required or imposes “forced heirship”. i.would not have exercised the on behalf of any beneficiary (e.g. a The Amendment further enhances power; minor or unborn) the Court shall be the administration of trusts in the entitled to approve the compromise ii.would have exercised the Cayman Islands by adding greater if it is satisfied that the compromise power, but on a different clarity and flexibility in cases where is not to the detriment of such occasion to that on which it was the assistance of the Court is beneficiary, notwithstanding that the exercised; or necessary and adding further Court is not satisfied that it is for his protection to trusts from attacks iii.would have exercised the benefit. power, but in a different manner based on foreign law. Jurisdiction of the Court to approve to that in which it was exercised. the variation of trusts The Court may set aside the power in The previous requirement to satisfy whole or in part and subject to such the Court under section 72(1) of the conditions as it sees fit. Trusts Law that a proposed The conditions specified above may arrangement to vary or revoke a trust be satisfied without it being alleged is “for the benefit of that or proved that in the exercise of the person” (e.g. a minor, person power, the person who holds the suffering incapacity or unborn who power, or any advisor to such person, cannot consent for himself) has been acted in breach of trust or in breach replaced with a not to “the detriment

Wendy Stenning is a Senior Associate in the firm’s Private Client & Wealth Management practice group in the Cayman Islands with significant experience advising trust companies and high net worth individuals on the establishment and ongoing administration of a variety of trusts and the registration of private trust companies. [email protected]

PAGE 8 H&J FOCUS • June 2019 H&J News STEP Caribbean Conference 2019

Higgs & Johnson was a proud sponsor of the STEP Caribbean Conference that was held in Nassau, The Bahamas from 12 – 15 May 2019. The annual conference celebrated its 20th anniversary this year and was hosted by STEP Bahamas under the theme ‘Mind the Gap: Future Proofing IFCs.’ The conference featured educational sessions on the latest industry trends in family inheritance and succession planning as well as exciting networking opportunities. In addition to the firm’s sponsorship of the Happy Hour event, Private Client & Wealth Management Chair, Dr. Earl Cash and seasoned trusts attorney, Heather Thompson were also speakers at the conference. Dr. Cash led the delegates through some critical drafting issues and potential pitfalls which may arise when preparing documents such as deeds of appointment and deeds of amendments. Ms. Thompson, a founding member of STEP Bahamas, spoke to attendees on the legacy of leadership. She shared how a successful career is built by the right attitude, mentorship and networking and also discussed strategies to securing a meaningful legacy. Other Higgs & Johnson attorneys in attendance at the conference were Litigation Trusts Partner, N. Leroy Smith; Senior Associate and STEP Bahamas Director, Sharmon Ingraham; and Cayman Senior Associate, Wendy Stenning. Millennial associates, Kamala Richardson and Nia Rolle joined the list of delegates at the conference. Dr. Cash noted, “I’d like to commend STEP Bahamas on doing an excellent job of hosting such a stellar event. They certainly succeeded in ensuring an outstanding conference here in The Bahamas by providing delegates with informative and timely sessions as well as a plethora of networking opportunities during the course of the conference. Higgs & Johnson has consistently supported the STEP Caribbean conference over the last twenty years and will definitely continue to do so in the future." PAGE 9 H&J News H&J FOCUS • June 2019 Celebrating 10 Years in the Cayman Islands

Higgs & Johnson is pleased to celebrate 10 we aim to adhere to our philosophy of responsibility to the Caymanian years of service in the Cayman Islands. delivering measurable value for our community. Our ultimate goal is to The Grand Cayman office is a full service clients, and helping them achieve their exceed the expectations of every client. It legal practice with particular expertise in business and personal goals.” has been an exciting journey and we are mutual funds, offshore investment Significant events over the last decade all very pleased with the progress we have vehicles, insolvency, civil litigation and include the firm’s appointment of it’s first made.” real estate. female Country Managing Partner in the In it’s 10th anniversary year, the firm has In 2009, the well established Caymanian person of Gina M. Berry; strengthening of strengthened the Cayman platform with law practice of Truman Bodden & the insolvency practice with the arrival of the addition of commercial attorney, Company merged with Higgs & Johnson of UK solicitor John Harris who has primarily Francine Bryce to the partnership; The Bahamas, signaling the entry of Higgs been responsible for mentoring the Firm’s expanded the Private Client & Wealth & Johnson to the Cayman Islands. The young Caymanian attorney, Allyson Speirs; Management team with the arrival of merger was built on a strong foundation relocating to new premises at Willow seasoned trusts attorney Wendy Stenning; as both Firms were founding members of House having outgrown its former and recognized by Chambers and Partners TerraLex — a highly ranked global location; instituting the Pursuit of in its annual publication Chambers Global network with affiliates/correspondent Excellence Scholarship; active (2019) for providing “a real business firms from the leading law firms in G20 participation in the Women’s partnership” ranking the firm in the area countries, Latin America and the International Shipping & Trading of Real Estate and highlighting the team as Caribbean. Association (WISTA) of the Cayman being "very responsive and thorough" and Global Managing Director, Oscar N. Islands; and embracing numerous "able to deliver amazing results on Johnson, Jr. noted, “As the first Bahamian synergies to provide enhanced seemingly impossible deadlines.” law firm to expand outside of The convenience and quality of service to our Berry further commented, “The Higgs & Bahamas, we are very proud to celebrate clients. Johnson Cayman office comprises a strong our ten year anniversary in the Cayman Gina M. Berry, Country Managing Partner team of talented attorneys who are Islands. Over the last decade, our stated, “We would like to thank our loyal committed to providing sound legal advice attorneys have earned the position as clients and trusted colleagues for their as well as dedicated business service trusted advisors to leading edge domestic patronage and support over the last ten professionals who assist them; together companies and some of the world’s most years. Our vision is to be a world-class we will continue to make the Cayman respected corporations and individuals. As offshore provider of legal and professional office a success in the years to come.” we look to the next 10 years and beyond, services, while being very grounded in our

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TerraLex Mid Year Meeting Senior Associate Attends Bermuda Conference

Sharmon Ingraham attended the annual Partners, Surinder Deal and Stephen J. Melvin attended the TerraLex Mid Year Transcontinental Trusts Bermuda joining meeting that took place in Kaula Lumpur. Ms. Deal introduced the speakers 300+ delegates from around the globe at (pictured above) for the Finance and Banking session, Islamic Finance - Alternative one of the must-attend private client Funding Opportunities. She was also the moderator for the session. events of the year.

Litigation Partner Attends IBA Litigation Forum

Litigation partner, Audley D. Hanna, Jr. (center) attended the annual IBA Litigation Forum. Held in Berlin this year, the conference focused on collective redress, effects of protectionism, litigation game theory and blockchain/cryptocurrency litigation.The firm continued its sponsorship of the event as the sponsor for the conference refreshment break. Mr. Hanna is chair of the IBA Consumer Litigation committee and specializes in various areas of Civil and Commercial litigation.

Trusts Attorneys Represent The Bahamas at the Transcontinental Trusts Geneva Conference

Heather L. Thompson and Paul Davis attended the annual Transcontinental Trusts Geneva conference. Heather was also a panelist for the session - Jurisdiction Update: Cayman vs Bermuda vs Bahamas.

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