Walkers stands in solidarity with the LGBTQ+ community around the world

We believe in fostering a diverse, equitable and inclusive workplace that values and respects the unique contributions and perspectives of all individuals.

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Walkers expands presence in London with move to The Scalpel

Walkers has opened the doors to new offices in the City of London. The firm has leased the 11th floor of The Scalpel, 52 Lime Street, EC3 as its new London base, growing its footprint in the heart of the City.

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Walkers ranked Top 10 in GRR 30

Walkers has retained its Top 10 position in the GRR 30 2022, GRR's annual rankings of the world's leading law firms for cross-border restructuring and insolvency matters.

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Walkers Global Fintech Group Attains Chambers Band 1 Rankings Again

The Cayman Islands and Bermuda offices of international law firm Walkers have received Band 1 rankings in the third annual Chambers and Partners fintech directory.

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We advise on the laws of Bermuda, the British Virgin Islands, the Cayman Islands, Guernsey, Ireland and Jersey.


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Chambers Global Aviation Finance & Leasing Guide 2022

Walkers is delighted to have provided the Cayman Islands, Guernsey and Ireland chapters as part of the Chambers and Partners Aviation Finance & Leasing Global Practice Guide 2022

The Aviation Finance & Leasing Guide covers 28 jurisdictions and provides the latest legal information on aircraft and engine purchase and sale, aircraft and engine leasing, aircraft debt finance, security, liens, enforcement and current legislative proposals.

To view an online version of each Walkers' chapter, please select the jurisdiction below: 

Cayman Islands



Reform of Jersey Limited Partnerships - Summary of the Key Benefits


On 27 April 2022, the States of Jersey adopted the Limited Partnerships (Amendment No. 2) (Jersey) Law (the “Amendment Law”) in relation to the amendments to the Limited Partnerships (Jersey) Law 1994 (the “LP Law”) coming into force in Q3 2022.

The Amendment Law will bring into force a modernised LP Law, clarifying a number of existing provisions and enhancing others. The notice published by the Minister for Financial Services in Jersey (the “Notice”) notes that the key objectives of the Amendment Law are:

(i) to modernise, resolve any ambiguity and build greater flexibility into the LP Law;

(ii) to clarify the process for terminating a limited partnership;

(iii) to provide additional reporting obligations and powers to the Jersey Registry to ensure the Register is kept up-to-date and accurate; and

(iv) to facilitate faster and more efficient legislative change to the LP Law in the future, by allowing future changes to be made way of secondary legislation.

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A full summary of the proposed changes is set out in the Notice which can be accessed here.


A Jersey limited partnership is an unincorporated entity, created by an agreement made between at least two partners (where at least one such partner is designated as the “general partner”, and the other as a “limited partner”); where such partnership is registered as a “limited partnership” by the Registrar following the filing of a declaration in respect thereof by the general partner of the proposed limited partnership, pursuant to the LP Law. The general partner acts on behalf of the limited partnership, whereas the limited partners are generally required to be passive investors/holders of limited partnership interests.

The limited partnership structure has proved to be a very popular one due to it combining the benefits of tax transparency and the flexibility of an ordinary partnership with limited liability for its limited partners (i.e., typically investors or carry participants), and is most frequently used in the context of Jersey’s international fund, private finance, property holding and private venture capital structures.

Proposed Changes to the LP Law

Increased flexibility

Generally speaking, this is to be achieved by allowing the provisions of a limited partnership agreement to override the law, with the LP Law operating as a statutory back stop where the limited partnership agreement is silent on a given matter or to where the LP Law imposes certain fundamental obligations and protections on a limited partnership and its partners. These changes include:

• the removal of the overriding statutory restriction on general partners’ rights and powers in respect of the limited partnership. From now on, the powers and rights of the general partner are made subject to the limited partnership agreement only;

• an explicit expansion of the (already non-exhaustive) list of “safe harbour” provisions so that limited partners can better ascertain what activities they may undertake with respect to the limited partnership without risk of losing their limited liability status for participating in the “management” of the limited partnership; and

• the rights of a limited partner to inspect the limited partnership’s records and to be given a formal account of the limited partnership’s affairs are to be expressly made subject to the terms of the limited partnership agreement (or to any regulations made under the LP Law which alter them by statute), which addresses the results of a recent case before Jersey’s Royal Court concerning the ambit of the requirement to share certain sensitive commercial information with limited partners.

Termination of a limited partnership

The new process for the voluntary or involuntary termination of an LP includes a re-ordering of the sequence of events, with dissolution being the final act of the limited partnership, akin to that of the (more familiar) summary winding up of a Jersey company.

The new processes will also ensure a limited partnership is removed from the Register when it is not compliant with its statutory reporting and annual fee requirements under the LP Law. Reporting obligations A new annual confirmation requirement is to be incorporated into the LP Law, which will be in line with the reporting requirements of other Jersey legal vehicles. The purpose of the confirmation is to provide the Registrar with regular updates of any changes to the information it holds with respect to the limited partnership.


The draft changes to the LP law have been prepared with the active participation of key stakeholders, including industry representatives, the Registrar of Limited Partnerships, the Financial Services Unit, the Law Officer’s Department of the Government of Jersey, and the Law Drafting Office. Having been approved by the States of Jersey, the changes are now subject to approval by the Privy Council, and are expected to come into force by Q3 of 2022. 

Bermuda - A jurisdiction of choice for EU investors in CLOs

Following the inclusion in February 2022 of the Cayman Islands on the European Union's AML list, managers and investors have been turning to Bermuda as an alternative jurisdiction in which to incorporate issuers of collateralised loan obligations where the investor base is anticipated to include those based in the EU.

A collateralised loan obligation ("CLO") is a type of securitisation whereby a portfolio of (usually leveraged) loans are pooled into a series of marketable debt securities. In the initial phase, known as warehousing, a special purpose issuer vehicle acquires the loans over a period typically lasting three to six months using a combination of bank debt and the proceeds of issuing redeemable preference shares. At closing of the CLO, the issuer issues a series of notes secured by the receivables representing the underlying loans, with the proceeds being used, among other purposes, to repay the bank debt and to redeem the preference shares. Over the life of the deal, the issuer uses the loan receivables to pay principal and interest on the notes. The key difference between a CLO and a typical securitisation structure is the active management of the collateral portfolio: the issuer engages the services of a collateral manager who selects the portfolio of loans and who can buy, sell and substitute loans in that portfolio.


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This article was originally publisehed in the Bermuda Business Review 2022 - 2023.

The Bermuda Business Review 2022-2023 examines how Bermuda is building on its position as the world’s risk capital, adapting to today’s challenges as it develops key sectors such as (re)insurance, asset management, funds and trusts, evolving as a modern international business centre and a digital hub for technological innovation in areas like fintech, insurtech, blockchain and virtual assets business, whilst also illustrating how it is extending its welcome to international visitors, to come and enjoy the Island’s unique attributes as one of the world's top year round tourist destinations.

The rise of ESG and Sustainable Fund Finance in Europe

ESG and sustainable finance regulations are developing rapidly in Europe and the evolving framework deserves close attention from managers, lenders and market participants.

This report from MUFG Investor Services and Walkers explores the factors driving the ESG agenda, the various elements of the regulatory backdrop in Europe and market trends in the fund finance space.

Click here to view the report

Sea change in the Cayman Islands: A new restructuring officer regime

Legislative reforms to Part V of the Cayman Islands Companies Act will shortly be coming into force which will, amongst other things, introduce a new restructuring officer regime available to certain debtors in financial distress. This new tool in the Cayman Islands’ restructuring arsenal will provide debtors with a global moratorium which will automatically arise upon the filing of the application seeking the appointment of restructuring officers (without the need for any Court hearing) within which a restructuring may be proposed and implemented by way of a Cayman Islands scheme of arrangement, a restructuring process in a foreign jurisdiction or consensually with all stakeholders.


Article first published in the International Insolvency & Restructuring Report 2022/23.

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