Truman Bodden & Company

Named after its founder and senior partner Truman Bodden, the law firm of Truman Bodden & Company was established as a Partnership in 1972, and carried on the practice as a partnership until it was registered as a limited liability company under the Legal Practitioners Law in 1999. Truman Bodden & Company has matured and expanded as the Cayman Islands have developed into one of the world's leading financial centres. The Company offers a complete range of legal services to the offshore financial services industry worldwide as well as expertise on all local legal matters in the Cayman Islands. Truman Bodden & Company's clients include Fortune 500 companies, multinational corporations, financial institutions, law firms, banks, trust and insurance companies as well as private clients throughout the world.

Over the past 30 years, the law firm of Truman Bodden & Company has developed considerable legal expertise in both the offshore and local financial industries. It is a full service practice providing litigation services, as well as advice on mutual funds, real estate, immigration, captive insurance, banking, trusts, companies, partnerships, corporate finance, local commerce and shipping matters. In addition to advising on legal matters, the firm arranges the formation of offshore companies and partnerships under the laws of the Cayman Islands and provides a registered office facility for such entities through its wholly owned subsidiary, Trulaw Corporate Services Ltd. (http://www.trulaw.ky).

The Company strives to deliver responsive, high-quality legal services at competitive rates. Our team currently consists of lawyers, skilled law clerks and paralegals, all dedicated to serving the needs of our clients.

Statement of Practice

Broad based practice with considerable expertise in offshore financial industry: Company and Commercial, Offshore Company formations, Trusts, Banking, Mutual Funds, Stock Exchange, Securitisation, Captive Insurance, Shipping, Civil and Commercial Litigation, Immigration and Family Law.

Practice Areas

Banking
Over the years, Truman Bodden & Company has formed many banks in the Cayman Islands. Depending on the degree of presence on the Islands, the banks have been issued bank licences classified as Category "A", unrestricted and "B", restricted. At present, new banking licences are restricted solely to applicants which are wholly owned by one or more major banks abroad where they are regulated in a jurisdiction deemed to have an acceptable level of supervision. The Cayman Islands Monetary Authority closely supervises and monitors the activities of the nearly 500 plus banks in the Islands.

Capital Markets
The firm routinely advises on the structuring of capital market and other financial transactions involving Cayman Islands special purpose vehicles established for debt/equity swaps, re-packaging securities and listing Cayman companies on overseas exchanges. The firm also advises on Listings on the Cayman Islands Stock Exchange.

Captive Insurance Companies
The two types of Insurance Licences commonly issued in the Cayman Islands permit insurers to underwrite third party risks or solely the risks of their corporate parents and affiliates. Licence applications will involve the submission of a business plan to the Cayman Islands Monetary Authority. Full details of directors and officers, all shareholders and managers will also be required, with information regarding their respective levels of insurance expertise. Minimum net worth requirements will be stipulated upon approval of the business plan.

Legislation now allows for the creation of "segregated portfolio" insurance companies, i.e. insurance companies which may establish one or more separate portfolios thereby segregating the assets and liabilities which relate to different insurance contracts.

Civil and Commercial Litigation
One of the firm's strengths is its Civil and Commercial Litigation department. Truman Bodden & Company has 30 years experience with all types of commercial and civil disputes including the largest of international corporate matters. Other fields of expertise include insolvency, employment, trust and insurance matters, banking, asset tracing and compliance issues, shareholder/director disputes, estates, family law and family trusts and real estate issues and miscellaneous contentious matters.

Company/Entity Formation
The firm is able to provide same day or 3 day formation of "exempted companies", which benefit from the absence of taxes in the Cayman Islands. These entities can be formed for a limited period or, alternatively, a fixed life limited duration company ("LDC") can be established. In addition, exempted limited partnerships are frequently formed to accommodate certain major onshore jurisdiction tax and other considerations.

Corporate/Commercial
Other major areas of work include corporate/commercial work generally including securitisations and structured finance, construction law matters, aircraft registrations, patent and trademark registrations.

E-Commerce
Truman Bodden & Company incorporates companies for a variety of e-commerce ventures. This area of the practice continues to mushroom as the new e-commerce legislation enacted in the Cayman Islands proves its effectiveness in the new e-world of business.

Local Business
Truman Bodden & Company has many years experience of advising on the rules and regulations relating to local business licences and immigration matters and our experienced and knowledgeable attorneys offer pragmatic advice on such issues faced by both local and foreign companies seeking to engage in business in the Cayman Islands.

The Company also offers advice on probate and administration matters as well as Cayman Wills.

Mutual Funds
Truman Bodden & Company has been forming and advising on mutual funds for over 10 years. The Cayman Islands are one of the leading domiciles in the world for the formation of offshore mutual funds and continues to enjoy a solid reputation as a well-regulated jurisdiction both for the formation and administration of these collective investment vehicles. There are many possible variations to the typical fund structure and in addition to exempted companies, both unit trusts and exempted limited partnerships are increasingly being used. There are no restrictions in the Mutual Funds Law on the types of investments which a Cayman Islands mutual fund may make.

Real Estate
Our property team has extensive experience in all aspects of real estate transactions in the Cayman Islands. Our experience ranges from the simple sale or purchase of residential units to larger scale complex commercial matters dealing with condominiums, hotels and office developments. Truman Bodden & Company has been associated with some of the major real estate commercial developments in the Cayman Islands. We regularly advise on obtaining the necessary government licences; the establishment of corporate vehicles, where required; government duties; mortgage financing; property sales agreements, leases and other related documents. Our land contracts are customized to fit the individual client's needs, as we are not motivated by the "one size fits all" approach. We provide a comprehensive approach to all real property matters in the Cayman Islands and frequently liaise with realtors, surveyors, banks and other institutions on each client's behalf to create a "seamless" package of service.

Trusts
Truman Bodden & Company forms trusts for clients from around the world. Their requirements are varied and may include charitable trusts, special purpose trusts (with or without beneficiaries), asset protection trusts, simple nominee arrangements or complex family trusts for estate planning purposes or for complex financing projects such as securitisations. So-called "STAR" trusts can be established for purposes exclusively, or for a mix of purposes and beneficiaries. There are many local trust companies that provide trustee services for trusts established in the Cayman Islands.

Shipping
Truman Bodden & Company is able to provide the following extended services in connection with the registration of vessels, the transfer of ownership, deletion of registration and local representation, in each case, in the Cayman Islands. As well, our services extend to providing legal advice on maritime/corporate issues including the preparation of yacht and ship registration and/or mortgage and loan documents; preparing legal opinions for yacht and ship mortgage providers; development of charter agreements; applications for compliance with the commercial yacht code; application for Official No., Call sign, Secall Nos. and MMSI Nos; applications for Radio Station Licence and SATCOM hook-ups; EPIRB Registrations; registration of vessels under construction.

Trulaw Corporate Services Ltd.
Web site (www.trulaw.ky)

Trulaw Corporate Services Ltd., our corporate management subsidiary, was established to assume the firm's corporate management, administration and incorporation business. Trulaw Corporate Services Ltd. is experienced in providing administration for investment and trading companies established in the Cayman Islands as well as special purpose companies established to own ships and aircraft.

The Company provides incorporation, registered office and related services to the firm and its clients. Trulaw Corporate Services is located in the law firm's premises on the 3rd floor at Anderson Square Building in George Town, Grand Cayman.

For more information visit our website at www.trulaw.ky.