The fallout from Hurricane Dorian and now the novel coronavirus (COVID-19) has led law firm Higgs and Johnson to divest itself of its Cayman Islands operation, the Cayman Compass revealed. The Caymanian media house noted in an article that the HSM Group is set to acquire Higgs and Johnson’s assets in the Cayman Islands, “subject to regulatory approvals”.
Guardian Business reached out to Higgs and Johnson for comment, which was not received up to the time of publishing.
A statement received by the Cayman Compass explained that the hurricane and global pandemic led the company to carefully analyze its business operations, leading to the closure.
“As part of this analysis, Higgs and Johnson, which is headquartered in The Bahamas, has made the difficult decision to divest itself of its business operations in the Cayman Islands,” Higgs and Johnson revealed in the statement.
“Higgs and Johnson wishes to thank the people of the Cayman Islands for the warm welcome it has received since its merger with Truman Bodden & Company 11 years ago. Not the least of which have been the committed members of the Cayman team – staff, attorneys and partners – who have taken the Cayman operation from strength to strength,” the firm stated.
“Chris Narborough, Philip Boni, Derek Jones and Gina Berry have all served as country managing partners over the period of our Cayman existence and Higgs and Johnson publicly acknowledges their efforts with sincere gratitude.”
According to the article, the law firm’s Bahamas office, where the company is headquartered, will not be affected.
The article said Higgs and Johnson will remain in operation until the acquisition is complete and hopes to minimize the impact on the seven lawyers and 17 staff at the Cayman office.
“The firm will assist staff during this process and continues to rely on their professionalism and support,” the article noted.
Higgs and Johnson celebrated its ten-year anniversary in the Cayman Islands last year and 70 years as a company in 2018.