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Articles by Lisa Ellefsen
Practical overview of offshore legal opinions in financing transactions | JD Supra
Introduction It is standard practice for lenders in financing transactions to request legal opinions from counsel in each jurisdiction in which a transaction entity is established or under which law transaction documents are governed. Set out below is a practical overview of some commonly asked questions by external and in-house legal counsel in relation to legal opinions in Jersey, Guernsey, Cayman Islands, the British Virgin Islands ("BVI") and Bermuda (together the "Offshore Jurisdictions").
Change on “Loop” Structures Opens up Bermuda, BVI, Cayman, Guernsey and Jersey Wealth Structuring Options for South Africa Residents
With reform of South Africa’s Exchange Control Rules, the restrictions on the use of “loop” structures have been lifted so that South African residents are no longer prohibited from using funds or assets held in offshore structures to invest back into South Africa.
No general ‘prejudice principle’ protecting sureties
The court in Firstrand Bank Limited v Barreiro reconfirmed that there is no general ‘prejudice principle’ which holds that a debtor or surety is released from their obligations to a creditor if the creditor does anything that prejudices them. The court reiterated that a surety can be released, either wholly or in part, from their obligations only if the prejudice caused by the creditor was the result of a breach of a legal duty or obligation.
Cross-border considerations for electronic signatures
The use of electronic signatures in cross-border transactions can be fraught with difficulties given the lack of uniformity relating to electronic signatures across countries. This position is further exacerbated by the lack of widespread adoption of the Convention on the Use of Electronic Communications in International Contracts 2005, which sought to standardise electronic communications.
Sign of the times: Electronic signatures in South Africa
Are electronic signatures valid? It depends: the parties must explicitly agree to the use of electronic signatures and must agree a signing method which complies with the requirements in the Electronic Communications and Transactions Act 2002 (ECTA). What constitutes an electronic signature and whether such signatures are valid in South Africa has become a question of increasing importance given the high likelihood of restricted movement for the coming future.
Sign of the times: Electronic signatures in South Africa
Are electronic signatures valid? It depends: the parties must explicitly agree to the use of electronic signatures and must agree a signing method which complies with the requirements in the Electronic Communications and Transactions Act 2002 (ECTA). What constitutes an electronic signature and whether such signatures are valid in South Africa has become a question of increasing importance given the high likelihood of restricted movement for the coming future.
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