Another Bermuda-based multinational has applied to the Commercial Court to relocate to Ireland for tax reasons following the introduction by US president Barack Obama of changes in US tax laws.
The latest application by insurance giant the Willis Group brings to about 10 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 Willis, secured permission from Mr Justice Peter Kelly to bring a petition to confirm a $4.2 billion (€3 billion) reduction of the share premium account of Willis Group Holdings plc.
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 court application follows the approval of a scheme of arrangement under Bermuda law whereby Willis Group Holdings plc, 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.
