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It is common knowledge that directors of companies owe a duty to the company to act in its best interests. Less well understood is the principle that, when a company reaches a certain level of financial distress, the directors’ duties shift to includ...

The Employment Act 2000 is the island’s key piece of employment legislation, applicable to employees who work mainly in Bermuda under an employment contract. The Act aims to promote fair treatment of employers and employees by providing minimum stand...

Increasingly, businesses in Bermuda rely on the IT and data-processing services of both domestic and overseas providers. The collection and use of personal information is a ubiquitous aspect of those services. Whether delivered as cloud services, bac...

Restructuring involves changing the financial, operational, legal or other structures of a business to make it more efficient and more profitable. It is not a “one size fits all” process. Today, in the time of Covid-19, there are a lot of distressed ...

Investment funds registered, authorised or designated under the Investment Funds Act 2006 have ongoing filing requirements, as well as requirements in relation to the appointment of service providers and annual fees. The ongoing filing requirements f...

The public nature of wills has recently been hotly contested in the United Kingdom, where the practice of making wills of ordinary folk public, versus sealing royal wills, has been in focus. Following the death of Prince Philip, Duke of Edinburgh las...

This week is Data Privacy Week, an occasion championed by the National Cybersecurity Alliance, the American non-profit, public-private partnership promoting cybersecurity and privacy education and awareness. A key focus this year is empowering indivi...

Several events that occur during many of our lives should be considered reminders for us to review our estate planning documents. Three such events are marriage, births and the transfer of assets during one’s lifetime, among others. Newlyweds rarely ...

Just as when a new recruit is on-boarded, there are a variety of tasks an employer needs to deal with when one of its employees leaves. Some of these are practical, “housekeeping” matters, whereas others are legal obligations or important steps neede...

Most of us at some point in our lives have participated in a rewards programme either at our favourite coffee shop or restaurant. You may have had your fair share of free coffees over the years. Who doesn’t love being credited for being a loyal custo...

Last week, in part one, we discussed the meaning of share premium, the various ways a company may use share premium and its importance when determining the assessable capital of a company. Today, we will discuss contributed surplus, another frequentl...

When the issuance of shares by a company is discussed, the first thought that comes to mind is the share capital raised by the issuance of such shares. Many do not consider or appreciate that they could also, inadvertently, be creating share premium....