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The Government of the Commonwealth of the Northern Mariana Islands -v- William H Millard and Patricia Millard C.I.C.A. (Civil) CACV013-14/2013, per Chadwick J, Campbell J, Martin J (15 April 2014)

April 2014 Insolvency Winding Up Liquidation

CAYMAN ISLANDS

COURT OF APPEAL

BANKRUPTCY - RIGHT TO FAIR HEARING - ESTABLISH PRIMA FACIE CASE OF INSOLVENCY

The Millards moved to the Northern Mariana Islands (the “Commonwealth”) in 1986 because of a tax incentive designed to encourage US citizen migration to that jurisdiction. In 1987 they sold their interest in a computer business for US$76.8 million and filed US tax returns and paid approximately US$4.7 million in taxes. They were soon after notified that the Commonwealth considered that tax payment to be insufficient, but, at least as the Millards submitted, the Commonwealth subsequently accepted their position (a point still disputed by the Commonwealth). In 1990 the Millards left the Commonwealth and moved to the Cayman Islands. In 1994, the Commonwealth obtained judgments (in their own jurisdiction) in default of defence against the Millards in the amount of US$36 million, which, because of interest, has now increased to approximately US$123 million.

 

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EDITOR & HEAD OF LITIGATION BERMUDA

Christian R. Luthi
Tel: +1 441 298 7814
Email: christian.luthi@conyersdill.com


Head of Litigation British virgin islands

Mark J. Forte
Tel: +1 284 852 1113
Email: mark.forte@conyersdill.com


Head of Litigation Cayman Islands

Paul Smith
Tel: +1 345 814 7777
Email: paul.smith@conyersdill.com


HEAD OF THE ASIA DISPUTES & RESTRUCTURING GROUP

Nigel K. Meeson, QC
Tel: +852 2842 9553
Email: nigel.meeson@conyersdill.com

Offshore Cases

The Government of the Commonwealth of the Northern Mariana Islands -v- William H Millard and Patricia Millard C.I.C.A. (Civil) CACV013-14/2013, per Chadwick J, Campbell J, Martin J (15 April 2014)

18 April 2014

CAYMAN ISLANDS

COURT OF APPEAL

BANKRUPTCY - RIGHT TO FAIR HEARING - ESTABLISH PRIMA FACIE CASE OF INSOLVENCY

The Millards moved to the Northern Mariana Islands (the “Commonwealth”) in 1986 because of a tax incentive designed to encourage US citizen migration to that jurisdiction. In 1987 they sold their interest in a computer business for US$76.8 million and filed US tax returns and paid approximately US$4.7 million in taxes. They were soon after notified that the Commonwealth considered that tax payment to be insufficient, but, at least as the Millards submitted, the Commonwealth subsequently accepted their position (a point still disputed by the Commonwealth). In 1990 the Millards left the Commonwealth and moved to the Cayman Islands. In 1994, the Commonwealth obtained judgments (in their own jurisdiction) in default of defence against the Millards in the amount of US$36 million, which, because of interest, has now increased to approximately US$123 million.

 

 

EDITOR & HEAD OF LITIGATION BERMUDA

Christian R. Luthi
Tel.: +1 441 298 7814
Email.: christian.luthi@conyersdill.com


Head of Litigation British virgin islands

Mark J. Forte
Tel.: +1 284 852 1113
Email.: mark.forte@conyersdill.com


Head of Litigation Cayman Islands

Paul Smith
Tel.: +1 345 814 7777
Email.: paul.smith@conyersdill.com


HEAD OF THE ASIA DISPUTES & RESTRUCTURING GROUP

Nigel K. Meeson, Q.C.
Tel.: +852 2842 9553
Email.: nigel.meeson@conyersdill.com