Marshall Diel & Myers Features In Global Journal

July 3, 2023 | 0 Comments

Tina Herrero Marshall Diel & Myers July 2023

Bermudian law firm Marshall Diel & Myers Limited was recently featured in a respected global publication providing expert commentary on a complex Supreme Court case.

Senior Associate, Tina Herrero, wrote an article on navigating segregated accounts companies in Bermuda in the prestigious journal, INSOL World Q2 2023. Marshall Diel & Myers Limited represents the joint provisional liquidators, Rachelle Ann Frisby and John Johnston of Deloitte Ltd., in the case discussed.

In the article, Ms Herrero writes: “The use of segregated accounts in Bermuda is widespread, for example, within the insurance industry. Individuals and companies who set up segregated accounts can benefit from tax reductions, costs savings and increased flexibility.

“In Bermuda, individuals and companies across a number of industries seek to use segregated accounts to protect investments such as by creating a ‘firewall’ for assets and liabilities within a segregated account. The use of segregated accounts provides several benefits, such as tax benefits, flexibility and costs savings.

“A segregated accounts company is a company which can set up a ‘segregated account’ by which the assets and liabilities of that particular account are separated or segregated from those attributable to other segregated account and from the Company’s general accounts.”

A spokesperson said, “The article was written regarding a pending case before the Supreme Court of Bermuda [about the operation of segregated accounts companies in Bermuda and the interpretation of the legislation in this area [primarily, the Segregated Accounts Companies Act 2000].

“The Supreme Court’s decision is likely to have huge ramifications for Bermuda and be of massive consequence to companies seeking to set up and operate segregated accounts and also to liquidators seeking to deal with the assets of segregated accounts companies.”

Katie Tornari, Director and Head of Commercial/Civil Litigation, Marshall Diel & Myers Limited, says: “We are pleased that the INSOL World Journal has published Tina’s article on a pending judgment that will be very important to the use of segregated accounts in Bermuda. At Marshall Diel & Myers Limited, we focus on providing our clients with practical and innovative legal solutions and aim to lead conversations surrounding complex law in Bermuda.”

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