Corporate Recovery and Insolvency in Bermuda

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1 Issues Arising When a Company is in Financial Difficulties -

1.1 How does a creditor take security over assets in Bermuda?

Bermuda is a self-governing British Overseas Territory. The systems of law administered in Bermuda are local Bermudian legislation, Bermudian common law (as developed from English common law), and UK legislation expressly made applicable to Bermuda.

As in other jurisdictions that follow English common law, there are various ways by which a creditor can take security over assets in Bermuda, by agreement between the creditor and the debtor, including by way of: legal mortgage; equitable mortgage; fixed charge; floating charge; pledge; contractual lien; and assignment. The nature of the security interest in any particular case will be determined by:

Originally published in The International Comparative Legal Guide to: Corporate Recovery & Insolvency.

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Topics:  Creditors, Debtors, Foreign Corporations, Foreign Jurisdictions

Published In: Bankruptcy Updates, Civil Procedure Updates, General Business Updates, Finance & Banking Updates, International Trade Updates

DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

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