On 19 June, an article from WH Partners says that new regulations provide for the formation and conversion of companies operating in the shipping and aviation sector into cell companies. Previously, the formation and conversion of cell companies was only available in the field of insurance and securitisation vehicles. Among the points it makes are that, even though a cell company may create one or more cells, a cell company is a single legal person and the creation of a cell by a cell company does not create, in respect of that cell, a legal person separate from the company. Nevertheless, each cell of a cell company shall have its own distinct name or designation. It also says that cell companies are distinguishable from other companies through their name, which must have the words ‘Mobile Assets Protected Cell Company’ or “MAPCC” included in the name. A chief advantage of the use of the cell company structure is to limit liability.
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