Conyers provided Cayman Islands legal advice to Sunshine 100 China Holdings Ltd (the “Company”) and British Virgin Islands legal advice to its subsidiary guarantors, Sunmode Limited and Keyasia Investments Limited, in connection with the Company’s issue of US$200 million 11.50% Senior Notes due 2021.
Bermuda, the Cayman Islands and BVI have recently passed legislation with regards to the economic substance of certain entities based in those jurisdictions, in order to meet requirements set down by the EU’s Code of Conduct Group (Business Taxation).
Conyers lawyers can help you determine whether or not your entity or proposed entity will be in scope of the legislation.
Primeo Fund (In Official Liquidation) and Bank of Bermuda (Cayman) Limited, HSBC Securities Services (Luxembourg) SA (Cayman Islands Court of Appeal 13 June 2019).
In recent years the conduct of professional service providers in the Cayman Islands has come under scrutiny by the courts in respect of their failure to prevent large scale investment fund frauds. This has included auditors, administrators and custodians, as well as persons serving as independent directors. A recurring issue in professional negligence litigation in the Cayman Islands is the scope of exculpatory and indemnity provisions which typically require proof of wilful neglect or default or gross negligence before liability can be established.