Restructuring and Insolvency Specialists Association of Bermuda (RISA BE) - Bermuda

Restructuring and Insolvency Specialists Association of Bermuda (RISA BE) - Bermuda
Restructuring and Insolvency Specialists Association of Bermuda (RISA BE) - Bermuda

Officers (2020–2021): Mike Morrison, Chairman KPMG [email protected] Rachelle Frisby, Treasurer Deloitte [email protected] Mathew Clingerman, Secretary KRyS Global [email protected] krys-global.com Committee Members: Kehinde George ASW [email protected] Nick Miles Kennedys [email protected] John Wasty Appleby [email protected] Lilla Zuill Zuill & Co [email protected] Informal Committee Member: James Ferris PwC [email protected] RISA was established by Bermuda based insolvency practitioners in 2015 to promote and support the development of the insolvency and restructuring industry in Bermuda. Legislation In general, the primary legislation that governs Bermuda corporate insolvency and restructuring matters is the Companies Act 1981 and the Companies (Winding-up) Rules 1982. Other relevant legislation includes the Bankruptcy Act 1989, the Insurance Act 1978, the Segregated Accounts Companies Act 2000, and the Banking (Special Resolution Regime) Act 2016. RISA is currently exploring areas where existing insolvency and restructuring legislation can be updated and amended, in consultation with the Bermuda Government, the Bermuda Monetary Authority, and the Bermuda Judiciary. Jurisdiction Bermuda is a self-governing British Overseas Territory. Less than two hours from New York, Bermuda fosters a collaborative business culture that sees Government, industry and regulators working together for the jurisdiction’s commercial success. As an international financial centre with a stable legal, political, and economic environment, Bermuda is recognised worldwide for its high standards of regulation, compliance, transparency and infrastructure. Bermuda is the domicile of choice for a vast range of legal structures and transactions in all facets of international commerce. Bermuda has particular strengths in insurance and reinsurance, insurance-linked securities (ILS), investment funds and collective investment schemes, investment business, banking, trusts, and the provision of corporate and professional services across a wide range of industries. The European Commission has officially recognised Bermuda’s commercial insurance regulatory framework as being fully equivalent to regulatory standards applied to European insurance companies in accordance with the requirements of the Solvency II Directive. The United States National Association of Insurance Commissioners has also designated Bermuda as a “qualified jurisdiction” in respect of its commercial insurers. RISA Membership To be eligible for membership you must be resident in Bermuda and directly or indirectly engaged in the business of insolvency or restructuring in Bermuda. You must also be either a current member of a recognized professional body or a person whose work requires you to routinely and actively participate in Bermuda insolvency or restructuring related matters.