Incorporated cell company: Difference between revisions
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A form of [[espievie]] — seen in the wild in the Cayman Islands, jersey and [[tax haven|places like that]] — where [[limited recourse]] is achieved by operation of the company’s [[constitutive documents]], which segregates the company’s innards into separately incorporated cells, assets in each of which are fully protected from claimants pertaining to other [[cell]]s. Each cell has its [[legal personality]] though — [[The ISDA Protocol|which if you were literary minded]], might make you picture a multiple personality {{tag|SPV}} with a really confusing interior monologue. | {{a|entity|}}A form of [[espievie]] — seen in the wild in the Cayman Islands, jersey and [[tax haven|places like that]] — where [[limited recourse]] is achieved by operation of the company’s [[constitutive documents]], which segregates the company’s innards into separately incorporated cells, assets in each of which are fully protected from claimants pertaining to other [[cell]]s. Each cell has its [[legal personality]] though — [[The ISDA Protocol|which if you were literary minded]], might make you picture a multiple personality {{tag|SPV}} with a really confusing interior monologue. | ||
Contrast with [[segregated portfolio company]], where the cells ''don’t'' have separate [[legal personality]] and the interior monologue is blissful, and with normal old {{tag|SPV}}s, where you can achieve more or less the same thing contractually with a combination of [[limited recourse]] and [[security]]. | Contrast with [[segregated portfolio company]], where the cells ''don’t'' have separate [[legal personality]] and the interior monologue is blissful, and with normal old {{tag|SPV}}s, where you can achieve more or less the same thing contractually with a combination of [[limited recourse]] and [[security]]. | ||
{{ | {{sa}} | ||
*[[Limited recourse]] | *[[Limited recourse]] | ||
*[[Bankruptcy remoteness]] | *[[Bankruptcy remoteness]] | ||
*[[Segregated portfolio company]] | *[[Segregated portfolio company]] | ||
Latest revision as of 15:35, 21 September 2021
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A form of espievie — seen in the wild in the Cayman Islands, jersey and places like that — where limited recourse is achieved by operation of the company’s constitutive documents, which segregates the company’s innards into separately incorporated cells, assets in each of which are fully protected from claimants pertaining to other cells. Each cell has its legal personality though — which if you were literary minded, might make you picture a multiple personality SPV with a really confusing interior monologue.
Contrast with segregated portfolio company, where the cells don’t have separate legal personality and the interior monologue is blissful, and with normal old SPVs, where you can achieve more or less the same thing contractually with a combination of limited recourse and security.