Members of Cains’ top tier litigation team have recently assisted accountants KPMG in a series of COVID-19 webinars aimed at Trust and Corporate Service Providers in the Isle of Man.

Managing Director Peter Clucas and Senior Legal Adviser David Doyle CBE, joined members of KPMG’s Advisory and Restructuring teams for the well-attended webinars which aimed to offer guidance on practical matters facing company directors.

The first webinar, conducted live on 25 June 2020, explored the Duties of Directors in a COVID-19 climate.

Cains’ experts provided an overview of Manx law on the duties of directors and focused on ten top practical tips for directors and those advising them in the present challenging climate.  Specific areas of concern were dealt with and practical examples were discussed.  Guidance was provided in respect of potential liability in various areas including constructive trusts, fraudulent trading and misfeasance and breach of trust.

Difficult conflict of interest situations were also covered and practical guidance given.  The need to keep proper records and documentation was stressed.

The second webinar which was held on 2 July 2020 covered Assessing Solvency in a COVID-19 climate.

During the live webinar on solvency issues David and Peter focused on insolvency definitions and issues such as fraudulent preferences, floating charges, fraudulent assignments and some of the caselaw in these relevant areas.  There was also a lively discussion in respect of foreign tax debts and judicial discretion in respect of winding-up claims.

Peter Clucas the Managing Director and Head of Litigation at Cains commented: “We were delighted to be asked by KPMG to become involved in these helpful and practical webinars.  We hope that we have provided some timely guidance to trust and corporate service providers and directors generally and that such will help them to survive the present challenging climate.”

Recordings and slides from both webinars are available below:

Webinar 1: Duties of Directors in a COVID-19 climate

Webinar 2: Assessing Solvency in a COVID-19 climate

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