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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