Transitional provisions included in the Act allow existing limited partnerships six months from the date on which the legislation was enacted in which to make an election to continue in existence as limited partnerships with separate legal personality.
Friday, 28 October 2011
IOM Introduces new Limited Liability Partnership Legislation
In a bid to keep its product offering competitive the Isle of Man Treasury has recently announced that the Limited Partnership (Legal Personality) Act 2011 has been granted Royal Assent.
The new legislation came into force on Tuesday the 18th October 2011 and affords any new limited partnership registered under the Partnership Act 1909, the option of adopting a legal personality that is separate from that of its partners.
Transitional provisions included in the Act allow existing limited partnerships six months from the date on which the legislation was enacted in which to make an election to continue in existence as limited partnerships with separate legal personality.
Transitional provisions included in the Act allow existing limited partnerships six months from the date on which the legislation was enacted in which to make an election to continue in existence as limited partnerships with separate legal personality.
Further consolidation in the offshore trust company sector
Consolidation in the international finance centres continues apace, with the merger announced on 19th October of IFM Trust Limited and Sector Trust Company Limited, creating a combined firm of 74 staff operating in Jersey, Switzerland, South Africa and New Zealand, with a representative office in the UK.
Like many small independent trust companies, it would seem that IFM and Sector have recognised that scale is needed in order to thrive in an increasingly competitive and complex international environment.
This deal follows a number of other consolidations in the sector, including Capita's acquisition of AIB Jersey Trust and Anson Fund Managers Limited's merger with Bordeaux Services (Guernsey) Limited.
The trend is probably good news for the many private equity houses who are becoming increasingly frustrated by the clear mismatch between appetite for investment in the sector (which remains extremely strong) and the number of attractive opportunities available of suitable scale and quality.
Like many small independent trust companies, it would seem that IFM and Sector have recognised that scale is needed in order to thrive in an increasingly competitive and complex international environment.
This deal follows a number of other consolidations in the sector, including Capita's acquisition of AIB Jersey Trust and Anson Fund Managers Limited's merger with Bordeaux Services (Guernsey) Limited.
The trend is probably good news for the many private equity houses who are becoming increasingly frustrated by the clear mismatch between appetite for investment in the sector (which remains extremely strong) and the number of attractive opportunities available of suitable scale and quality.
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