In brief: Tax information exchange reporting deadline extended

The Department for International Tax Cooperation (DITC) has advised Cayman Islands financial institutions that the notification deadline for U.S. FATCA and the Common Reporting Standard for the calendar year 2016 has been extended to 31 July 2017. This is the same date as the current reporting deadline, which has not been further extended.

The DITC has also published revised forms of self-certification. These include fields which may be used by widely held trust type collective investment vehicles and pension trusts in CRS non-participating countries.

The department will issue further guidance on how Cayman financial institutions must deal with IRS Error Notifications related to 2014 and 2015 U.S. FATCA returns. Until then, Cayman financial institutions are advised not to address these IRS notifications.

Appleby wins Global Restructuring Review award

At the Global Restructuring Review’s (GRR) Inaugural Charity Awards Gala in London, Appleby won the category for ‘small or regional law firm that impressed.’

In addition, Appleby was shortlisted for an award in the ‘innovation in cross border insolvency and restructuring’ category for work the firm did as company counsel for its client, CHC. The law firm was also included in the GRR 100 – a list of top 100 restructuring firms based on recent work.

Tony Heaver-Wren of Appleby Cayman, said, “We are delighted to be recognized for our work with the CHC group, Texas C&J Energy and, in the BVI, in the expansion of the Norwich Pharmacal jurisdiction. On these large-scale matters, we were able to demonstrate the firm’s ability to provide services across multiple jurisdictions in an innovative, efficient and responsive manner.”

David Bulley of Appleby Cayman added, “2016 was a fantastic year globally for restructuring work at Appleby and we are very pleased to have seen this continue into 2017 with Appleby receiving leading mandates in the largest restructurings in Cayman, BVI and Bermuda, particularly in the oil and gas sector. We expect such work to continue going forward with creditor committees and companies now looking more seriously at the use of offshore schemes of arrangement either bi-laterally with a Chapter 11 or in conjunction with a Chapter 15.”

These awards are the first annual celebration of the most important firms, cases and marketplace developments in cross-border restructuring and insolvency for the Global Restructuring Review team.