Following the result in the United Kingdom's EU referendum, Walkers has created a Brexit page dedicated to providing our clients relevant information about the jurisdictions in which we practise.

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Walkers Asset Recovery

Fifteen Walkers lawyers were recognised in the 2017 Who's Who Legal Asset Recovery guide. This is more than any other global law firm worldwide.

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Walkers Wins HFM Week Award

Walkers has been awarded the Best Offshore Law Firm Award for Client Service at the HFM Week US Hedge Fund Services Awards 2017.

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Walkers is a leading international law firm. We advise on the laws of Bermuda*, the British Virgin Islands, the Cayman Islands, Guernsey, Ireland and Jersey.
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Walkers in IFC Powerwomen Top 200

Six Walkers lawyers have been ranked in the 2017 edition of CityWealth's IFC Powerwomen Top 200.


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Taylors Strengthens Insolvency Practice with the Arrival of Benjamin McCosker

Taylors is pleased to announce the arrival of associate Benjamin McCosker into its Insolvency & Dispute Resolution practice. Benjamin joins from Walkers' Hong Kong office, from where he has been practising since 2016.

Benjamin has extensive experience in relation to both contentious and non-contentious insolvency-related matters, having acted for secured and subordinated lenders, noteholders and trustees, distressed funds, insolvency practitioners and various other stakeholders. He has also provided advice in connection with a broad range of financial and operational restructurings and privatisations (of both private and listed companies), including acting for target companies and buyer groups, as well as dissenting shareholders.

"We are delighted that Benjamin has accepted this opportunity to join our Bermuda team," stated Managing Partner, Kevin Taylor. "Benjamin's experience of working with companies in Hong Kong and the People's Republic of China will bolster both our office and the Bermuda jurisdiction. We believe that his arrival at Taylors is another example of our firm's commitment to expanding our presence on island and strengthening the Bermuda legal offering generally."

Benjamin joined Walkers in Hong Kong in 2016, where he advised on a broad range of disputes involving companies listed on the NYSE, NASDAQ, SEHK and SGX. Benjamin's industry experience, principally focused on companies with their operations in Hong Kong and the People's Republic of China, covers banking and financial services, healthcare, technology, energy (with a particular focus on renewables), retail, property and transportation.

Walkers boosts Global Investment Funds Team with hire of Christopher Reed in Jersey

International law firm Walkers is pleased to announce that Christopher Reed has joined the firm as a Senior Counsel in the Investment Funds and Corporate teams in its Jersey office.

Christopher brings a wealth of experience to Walkers, having worked on many complex, high-value, cross-border transactions. He has advised on the full spectrum of corporate and investment funds transactions from joint ventures to the establishment of highly complex expert fund structures, and he has significant expertise regarding the new Jersey Private Funds regime.

Prior to joining Walkers, Christopher worked in the Investment Funds department of another offshore law firm in Jersey and in the corporate departments of leading international law firms, Latham & Watkins, Allen & Overy and Squire Sanders (now Squire Patton Boggs) in London and Moscow.

Jonathan Heaney, Walkers' Jersey Managing Partner commented that: "We are pleased that Christopher has joined our team in Jersey. His experience will bolster our Channel Islands offering and, in particular, our Jersey law practice. Christopher will be invaluable in ensuring that our clients continue to receive a first class service from Walkers".

Christopher stated "I am tremendously excited to be joining Walkers Jersey and look forward to helping to grow the investment funds team and to build on the already significant funds experience of the lawyers here".

Walkers (Dubai) Named Best Offshore Law Firm 2018

For the third year in a row Walkers (Dubai) has been named Best Offshore Law Firm at the MENA Fund Manager Services Awards.

The annual MENA FM Fund Services Awards 2018 recognised those fund services providers that have demonstrated exceptional customer service and innovative product development over the past twelve months. The winners were announced at an evening ceremony on Tuesday 30 January at The Ritz-Carlton DIFC in Dubai.

The judging process is rigorous and thorough to ensure that all the entries receive full consideration. The judges for this annual event were carefully selected for their wealth of experience and expertise, as well as their absence of conflicts of interest.


Dubai MENA Fund Awards 550

From left: Partner Ciaran Bohnacker, Associate Finola Keating, Dubai Managing Partner Daniel Wood, Associate Kathrine Chase and Associate Bryan O'Donnell collect the award.

Five comments we make on LPAs (and why we make them…)

Senior counsel Bicrom Das takes a quick look at Cayman comments on LPAs.

Having spent my formative legal years practicing as a private funds attorney in London, one of the things I remember most vividly is the sheer number of comments on fund documents which landed in my inbox. Clients, opposing counsel, offshore counsel, all contributed with varying levels of frequency, detail and insistence to the documents on which I was holding the pen.

My experiences, both positive and negative, of reviewing such comments through the prism of an onshore funds lawyer have guided my own approach to marking up documents that I now receive offshore. Critically, judicious use of the red pen is very much about quality, not quantity: we are here to ensure compliance with Cayman law and try and add value where appropriate but, most importantly, to do so in a way that makes cleints' and onshore lawyers' lives easier.

There remain however certain comments which I find myself making on Cayman Islands exempted limited partnership agreements ("LPAs") which are typically accepted as they are not commercially contentious but which, to the non-Cayman eye, may seem overly pedantic. Below are five Cayman comments which you may not have had the time to query but which we make for the following reasons:

As of this comment is needed: a red mark on the front cover is never a great start, especially to strike out something as seemingly innocuous as an "as of" date. Unfortunately agreements governed by Cayman Islands law, such as LPAs, cannot be backdated: the earliest they can be dated is the date all parties have signed. To the extent the parties wish to agree a prior effective date we can provide language to that effect (notwithstanding that such prior effectiveness would not be binding on third parties) but the date of the agreement itself cannot precede its being fully executed.

Certifiably annoying: whilst our Exempted Limited Partnership Law is based on its Delaware counterpart, and there remain numerous similarities, the terminology of amending and filing a "certificate" does not make sense in the context of a Cayman Islands exempted limited partnership (an "ELP"). An ELP is registered upon the filing of a Section 9 statement: to the extent any of the details set out in such statement change a Section 10 statement is filed detailing the relevant amended term, rather than an amended Section 9 statement. The certificate of registration of an ELP only sets out its name and registration number, and is only updated on a change of name when the Registrar will issue a certificate of change of name upon, of course, our having filed the relevant Section 10 statement.

Chewing the FATCA: Having bestowed FATCA on the world the US, unlike Cayman, has not as yet agreed to become a participating jurisdiction under its progeny the Common Reporting Standard ("CRS") established by the OECD. As such, whilst domestic US funds are only subject to FATCA, Cayman funds are subject to both FATCA and CRS. We can work with you to minimise the consequential drafting changes but, broadly, it is essential that limited partners of a Cayman fund are contractually obliged to provide information required not just by FATCA but also by CRS, with the relevant defined terms having to be expanded out accordingly. 

A gross by any other name: Whilst it may seem perverse to have the term "gross negligence" be as interpreted (not governed: everything in an LPA must be governed by Cayman law) by Delaware law, the term "gross negligence" has no clear definition under Cayman law. This formulation does have the advantage of allowing the gross negligence standard at the level of the Cayman fund to match that of any Delaware master/parallel fund.

You're winding me up: Why change the convenient, pithy term "dissolution" for the more syllable heavy "commencement of winding up"? Unfortunately, whereas we understand the term "dissolution" in Delaware refers to the point at which a partnership ceases its regular business and starts to wind up its portfolio, in Cayman it refers to the point at which the final notice of dissolution is filed and the ELP is, to slip back into Delaware terminology, terminated. Why so important to track the correct Cayman terminology? Consider an LPA where management fees are payable through dissolution and the material commercial effect using the incorrect language might have.

Any other Cayman comments which you regularly get and on which you would like some background or context? Drop me or your other Walkers contacts a line and we would be happy to discuss.

Walkers named a leading Global Restructuring & Insolvency Law Firm 2018, and Top Offshore Firm

Who's Who Legal, in collaboration with Global Restructuring Review, confirms Walkers as the leading offshore law firm for restructuring and insolvency law, as well as a global leader among the world's top onshore firms for 2018.

With seven ranked lawyers, Walkers places at equal sixth in the overall global listings, which confirms Walkers as the leading offshore law firm for restructuring and insolvency law. Cayman partner Neil Lupton has also been ranked as a Thought Leader within the guide. Rankings are based on peer feedback and nominations.


Who's Who Legal summed up Walkers' practice in the following words:

"One of the foremost offshore firms, WALKERS, sees seven lawyers listed this year.

The “excellent” Neil Lupton receives high praise as a leader in insolvency and dispute resolution. He regularly handles both contentious and non-contentious complex cross-border restructurings.

“Top young partner” Matthew Goucke is a renowned expert on distressed funds. His expertise in investment vehicles makes him top choice for contentious insolvencies.

Colette Wilkins is recommended by multiple sources as a well-known and “excellent” litigator with strong insolvency expertise.

Barnaby Gowrie receives plaudits for his insolvency disputes practice. He is regularly instructed on complex international restructuring matters and is known as “a very sharp and innovative practitioner”."

Source WWL: 

For more information, please visit our Insolvency & Dispute Resolution page here.

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