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Isle of Man
Directors and Officers
Isle of Man
Appleby
Strike off action does not reduce or extinguish the liability of any director, officer or member of the company.
Appleby
It is also usual practice for a liquidator to require the shareholder or beneficial owner of the company to provide him with an indemnity in advance of agreeing to be appointed.
DQ Advocates
Trust structures will often involve trustees holding shares in companies; those shares forming part of the trust fund held by the trustees for the benefit of the trust and the beneficiaries as a whole.
Simcocks
The Mercury case (R (on the application of Mercury Tax Group and another) v HMRC [2008] EWHC 2721) provided obiter English Law comments in relation to the closing or completion of matters where some of the parties ...
Simcocks
This decision demonstrates the benefit of a statutory provision, not limited to a particular set of facts or criteria, as to when and why a receiver should be appointed.
Simcocks
The Isle of Man advocate instructed to act would usually review any transaction documents being entered into by the Isle of Man legal entity from an Isle of Man law perspective.
DQ Advocates
Once appointed, a Trustee is subject to a number of duties. A Trustee's overriding duty is to act in the best interests of the beneficiaries of the Trust.
Simcocks
A director of a company owes fiduciary duties to act responsibly and in their related company’s best interests.
DQ Advocates
The Isle of Man Companies Act 2012 came into force on 1 September 2013 and is stated to be an important step in the Island's commitment to promoting transparency in respect of company ownership.
Simcocks
A discussion on the duties and responsibilities of directors of a BVI company, who run the day-to-day activities of the company and make any commercial decisions required.
Appleby
Directors of Isle of Man companies (whether incorporated under the Isle of Man Companies Acts 1931-2004 or the Isle of Man Companies Act 2006) are subject to a number of duties.
Department of Economic Development
Do you as a Non Executive Director or the appointed Non Executive Directors ("NEDs) of your client funds actually realise why they are in situ? Harsh? Fair? Irrelevant?
Appleby
The Isle of Man Financial Services Commission is responsible for the regulation of the majority of the financial sector, namely: banks, building societies, investment businesses and fiduciary services providers.
Appleby
Directors of Isle of Man companies owe 3 types of duty to their company:
Appleby
The Isle of Man Financial Supervision Commission (the "FSC") has recently issued for consultation a proposed new Company Officers Disqualification Bill (the "Bill").
Appleby
The New Manx Vehicle or NMV is due to be introduced into Isle of Man law later this year. The new corporate vehicle will be created and governed by the Isle of Man Companies Act 2006 which is currently in bill form.
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