Unravelling
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Unravelling Complexity

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Norwich Pharmacal relief – a flexible tool to fight fraud
Litigation, Insolvency and Restructuring

Norwich Pharmacal relief – a flexible tool to fight fraud

Cayman courts, like courts in other common law jurisdictions, have the power to order third parties to reveal information about wrongdoing, even where that information would otherwise be confidential. A Norwich Pharmacal order (named after the leading English case) can be a powerful tool to assist with tracing of assets and enforcement, requiring a third party to disclose information and documents. The Cayman courts have confirmed the existence of the jurisdiction to grant Norwich Pharmacal relief in aid of foreign proceedings is a settled proposition in light of Privy Council authority on the issue (Chief Justice in Braga v Equity Trust Company). Recent decisions have shown that the Grand Court is willing to use this tool in a flexible way.
SOS Substance on Substance: Episode eleven - ITA guidance to BVI industry participants on the practical application of the Rules
Economic Substance

SOS Substance on Substance: Episode eleven - ITA guidance to BVI industry participants on the practical application of the Rules

In the eleventh instalment of Harneys’ Substance on Substance series, Philip Graham and Josh Mangeot summarise the presentation which representatives from the BVI Government, BVI Finance and the International Tax Authority (ITA) delivered to BVI industry participants on 16 October 2019.
Changes to the Trusts Law of the Cayman Islands
Trusts and estates

Changes to the Trusts Law of the Cayman Islands

In August, the Cayman Islands Trusts Law (2018 Revision) (Trusts Law) was amended for the second time in 2019. The Trusts (Amendment) (No. 2) Law, 2019 (Amendment Law), among other things, introduces record-keeping obligations for trustees of Cayman Islands trusts and empowers Cayman Islands' authorities responsible for combatting money laundering and terrorism financing to require trustees to provide the authorities with trust information in certain circumstances.
SOS Substance on Substance: Episode ten - the Rules
Regulatory and Tax

SOS Substance on Substance: Episode ten - the Rules

In the tenth instalment of Harneys’ Substance on Substance series, Philip Graham and Josh Mangeot discuss the release of the final version of the guidance formerly known as the “Code”, which was published by the ITA on 9 October 2019 as its newly-titled Rules and explanatory notes (the Rules).
Considerations for terminating registration of your Cayman Islands entity before 2020 fees and filings are due

Considerations for terminating registration of your Cayman Islands entity before 2020 fees and filings are due

Cayman Islands entities will be receiving their annual invoices for 2020 registration fees in the last quarter of 2019. If you are considering terminating your entity or terminating registration with the Cayman Islands Monetary Authority (CIMA) you will need to act promptly in order to avoid or reduce the 2020 registration fees and filings.