What is it? The Marshall Islands, among various other jurisdictions, promulgated economic substance regulations (“ESR”) that generally came into effect during 2019. Generally, the ESR requires certain legal persons (i.e., a “relevant entity” under the ESR) conducting certain activities in the Marshall Islands have sufficient economic substance in the Marshall Islands. Why is it there? […]
Author Archives: xlo5
Marshall Islands Adoption of Cross-Border Insolvency Statute
The Republic of Marshall Islands (the “Marshall Islands”) has passed an Act (the “Act”) implementing the U.N. Commission on Internal Trade Law (UNCITRAL) Model Law on Cross-Border Insolvency (the “Model Law”). The Act is intended to implement effective mechanisms for dealing with issues related to cross-border insolvency proceedings and encourages cooperation and coordination between jurisdictions. […]