Bermuda firm seeks Irish tax residence

Another Bermuda-based multinational company has applied to the Commercial Court to relocate to Ireland for tax reasons following…

Another Bermuda-based multinational company has applied to the Commercial Court to relocate to Ireland for tax reasons following the introduction by President Barack Obama of changes in US tax laws.

The latest application by insurance giant the Willis Group brings to about ten the number of such companies which have transferred their headquarters here.

The Willis Group employs about 22,000 people in about 100 countries worldwide.

Paul Sreenan SC, for the Willis group, secured permission from Mr Justice Peter Kelly today to bring a petition to confirm a $4.2 billion reduction of the share premium account of Willis Group Holdings plc.

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The purpose of the reduction is to create sufficient distributable reserves so the company can continue to make distributions and pay dividends to its shareholders and for the repurchase of shares. The proposed reduction will not affect the solvency of the company or the rights of its creditors, the company said.

The court application follows the approval of a scheme of arrangement under Bermuda law whereby Willis Group Holdings, with an address at Grand Mill Quay, Barrow Street, Dublin, became the new parent company of the Willis group and the former parent, Willis Group Holdings Ltd, became a subsidiary of the company.

Mr Justice Kelly made directions for the advertisement of the petition and returned the matter for hearing later this month.