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{{g}}Imagine you have a fund domiciled in [[Bermuda]] and you have decided to move it to the [[Cayman Islands]]. Look, these things happen. What happens to its contracts?There is a rather curly metaphysical question as to what happens when you move the [[centre of main interest]] of a corporate entity — you “[[re-domicile]]” it — from one [[jurisdiction]] to another. | {{g}}Imagine you have a fund domiciled in [[Bermuda]] and you have decided to move it to the [[Cayman Islands]]. Look, these things happen. What happens to its contracts? There is a rather curly [[Metaphysics|metaphysical]] question as to what happens when you move the [[centre of main interest]] of a corporate entity — you “[[re-domicile]]” it — from one [[jurisdiction]] to another. | ||
A Bermudan company relies for its very [[Ontology|ontological]] existence on the laws and constitution of Bermuda. It is only by dint of those laws and that constitution that the idea of a Bermudan company has any coherence at all. The same is true of Caymanian companies. | A Bermudan company relies for its very [[Ontology|ontological]] existence on the laws and constitution of Bermuda. It is only by dint of those laws and that constitution that the idea of a Bermudan company has any coherence at all. The same is true of Caymanian companies. | ||
Now the laws of Bermuda may recognise a company from the Cayman islands; they may allow a Bermudan person to do business with it, but all the same it is an alien to Bermudian jurisprudence. The courts of Cayman may, likewise may recognise a corporation from Bermuda. A Bermudan limited liability company and a Cayman | Now the laws of Bermuda may recognise a company from the Cayman islands; they may allow a Bermudan person to do business with it, but all the same it is an alien to Bermudian jurisprudence. The courts of Cayman may, likewise may recognise a corporation from Bermuda. A Bermudan limited liability company and a [[Cayman Islands]] [[limited liability company]] may, in every respect, closely resemble each other but still they are, in an profound way, incommensurate [[paradigm]]s. There are operating systems are different. One cannot simply shape-shift from one to the other without experiencing some kind of Lagrange Point on the journey at which the subject is neither a Caymanian company nor a Bermudan company, but a disassociated spirit: a will o’ the wisp. | ||
Does the legal entity have continuity? On one hand one would like to think it did; on the other, seeing as a [[corporation]] is a forensic creature of its jurisdiction of incorporation; a fiction of the local legal literature. Moving it outright from one jurisdiction into an altogether different jurisdiction is rather like following a wormhole in the [[space-time continuum]] from one universe to another. | Does the legal entity have continuity? On one hand one would like to think it did; on the other, seeing as a [[corporation]] is a forensic creature of its jurisdiction of incorporation; a fiction of the local legal literature. Moving it outright from one jurisdiction into an altogether different jurisdiction is rather like following a wormhole in the [[space-time continuum]] from one universe to another. |