Latest updates

Rusnano Capital AG decision
Ogier
  • Litigation
  • Guernsey
  • 31 March 2020

In a recent case, the Guernsey Court of Appeal upheld the deputy bailiff's interpretation of Section 53(3) of the Trusts (Guernsey) Law 2007 that a sole beneficiary can use that section of the law to terminate a discretionary trust even if the trust instrument contains a power to add further beneficiaries.

Five steps to avoid insider fraud
  • White Collar Crime
  • Jersey
  • 30 March 2020

Insider fraud is a problem that persists at all levels of society, irrespective of whether the entity has commercial or altruistic motives. This begs the question of what internal controls and procedures employers in any sector can implement to reduce the risk of insider fraud. This article outlines five steps which could significantly reduce the risk for businesses of any size or type.

Observations about linked property transactions under Stamp Duty Law
Ogier
  • Real Estate
  • Cayman Islands
  • 27 March 2020

In late 2018 the Stamp Duty Law (Revised) was amended in order to eliminate the growing practice of reducing stamp duty due to the government by means of linked property transactions (LPTs). Essentially, the reason for introducing the LPT provisions was to ensure that stamp duty is calculated on the total value of the raw land and the dwelling constructed on that land in the case of an LPT where a development scheme links the purchase of the raw land with the subsequent construction of a dwelling.

Five steps to avoid insider fraud
Ogier
  • Private Client & Offshore Services
  • Jersey
  • 26 March 2020

Insider fraud is a problem that persists at all levels of society, irrespective of whether the entity has commercial or altruistic motives. This begs the question of what internal controls and procedures employers in any sector can implement to reduce the risk of insider fraud. This article outlines five steps which could significantly reduce the risk for businesses of any size or type.

Observations about linked property transactions under Stamp Duty Law
Ogier
  • Private Client & Offshore Services
  • Cayman Islands
  • 26 March 2020

In late 2018 the Stamp Duty Law (Revised) was amended in order to eliminate the growing practice of reducing stamp duty due to the government by means of linked property transactions (LPTs). Essentially, the reason for introducing the LPT provisions was to ensure that stamp duty is calculated on the total value of the raw land and the dwelling constructed on that land in the case of an LPT where a development scheme links the purchase of the raw land with the subsequent construction of a dwelling.

Rusnano Capital AG decision
Ogier
  • Private Client & Offshore Services
  • Guernsey
  • 26 March 2020

In a recent case, the Guernsey Court of Appeal upheld the deputy bailiff's interpretation of Section 53(3) of the Trusts (Guernsey) Law 2007 that a sole beneficiary can use that section of the law to terminate a discretionary trust even if the trust instrument contains a power to add further beneficiaries.

COVID-19: considerations for employers in Channel Islands
Ogier
  • Employment & Benefits
  • International
  • 25 March 2020

Although there is a host of good coronavirus (COVID-19) advice available on hygiene practices and travelling to affected areas, there are some issues which employers might not have considered. This article examines key considerations for employers in the Channel Islands with regard to the COVID-19 pandemic, including as regards sick pay and procedures, data protection and employees who are unable to work.

Jersey private investment funds – regulatory options
Ogier
  • Corporate Finance/M&A
  • Jersey
  • 25 March 2020

Jersey is long established as a primary centre for the establishment of offshore funds and has been at the forefront of international developments, which have attracted international sponsors, promoters, fund managers, advisers and investors. One of the key features of Jersey's fund industry is the flexibility and range of structures and corresponding regulatory and commercial approaches that can be used for funds.

Jersey public investment funds – regulatory options
Ogier
  • Capital Markets
  • Jersey
  • 24 March 2020

Jersey is long established as a primary centre for the establishment of offshore funds and has been at the forefront of international developments, which have attracted international sponsors, promoters, fund managers, advisers and investors. One of the key features of Jersey's fund industry is the flexibility and range of structures and corresponding regulatory and commercial approaches that can be used for funds.

COVID-19: considerations for employers in Channel Islands
Ogier
  • Private Client & Offshore Services
  • International
  • 19 March 2020

Although there is a host of good coronavirus (COVID-19) advice available on hygiene practices and travelling to affected areas, there are some issues which employers might not have considered. This article examines key considerations for employers in the Channel Islands with regard to the COVID-19 pandemic, including as regards sick pay and procedures, data protection and employees who are unable to work.

Jersey investment funds – regulatory options
Ogier
  • Private Client & Offshore Services
  • Jersey
  • 19 March 2020

Jersey is long established as a primary centre for the establishment of offshore funds and has been at the forefront of international developments, which have attracted international sponsors, promoters, fund managers, advisers and investors. One of the key features of Jersey's fund industry is the flexibility and range of structures and corresponding regulatory and commercial approaches that can be used for funds.

Cryptoassets as property: litigators' tools to assist in their tracing and recovery
Ogier
  • Litigation
  • Cayman Islands
  • 10 March 2020

The UK High Court recently found that cryptoassets such as bitcoin are property and are therefore capable of being the subject of a proprietary injunction or freezing order. Although this is a first-instance decision, there is no reason why the Cayman courts would approach the development of the legal concept of 'property' any less purposefully.

Cryptoassets as property: litigators' tools to assist in their tracing and recovery
Ogier
  • Private Client & Offshore Services
  • Cayman Islands
  • 05 March 2020

The UK High Court recently found that cryptoassets such as bitcoin are property and are therefore capable of being the subject of a proprietary injunction or freezing order. Although this is a first-instance decision, there is no reason why the Cayman courts would approach the development of the legal concept of 'property' any less purposefully.

Avoiding trust litigation in divorce proceedings
Ogier
  • Private Client & Offshore Services
  • Guernsey
  • 27 February 2020

When considering a trust structure for the express purpose of asset protection within family succession planning, the prospect of divorce is never far from the settlor's or draftsperson's mind. Divorce is a costly undertaking and never more so than when consideration must be given to offshore trust assets and the role of a trustee. Combined with the additional possibility of a successful claim against trust property, the cost has the potential to wipe out the anticipated benefit to future generations.

New registration requirements for unregulated investment funds
Ogier
  • Corporate Finance/M&A
  • Cayman Islands
  • 12 February 2020

The government recently approved the Private Funds Bill 2020 and an amendment to the Mutual Funds Law (2020 Revision). The legislation is the result of certain EU and other international recommendations and has been developed to align the Cayman Islands investment fund regulatory regime with those of other jurisdictions. This article summarises the key features of both pieces of legislation.

2020 heralds insolvency law changes
Ogier
  • Insolvency & Restructuring
  • Guernsey
  • 07 February 2020

The States of Guernsey recently passed the Companies (Guernsey) Law 2008 (Insolvency) (Amendment) Ordinance 2020, making Guernsey an even more desirable forum for insolvency proceedings. The changes show that Guernsey is prepared to arm insolvency office holders with the necessary tools and powers to tackle, draw in and preserve the assets of an insolvent company for the benefit of creditors.

New registration requirements for unregulated investment funds
Ogier
  • Private Client & Offshore Services
  • Cayman Islands
  • 06 February 2020

The government recently approved the Private Funds Bill 2020 and an amendment to the Mutual Funds Law (2020 Revision). The legislation is the result of certain EU and other international recommendations and has been developed to align the Cayman Islands investment fund regulatory regime with those of other jurisdictions. This article summarises the key features of both pieces of legislation.

2020 heralds insolvency law changes
Ogier
  • Private Client & Offshore Services
  • Guernsey
  • 06 February 2020

The States of Guernsey recently passed the Companies (Guernsey) Law 2008 (Insolvency) (Amendment) Ordinance 2020, making Guernsey an even more desirable forum for insolvency proceedings. The changes show that Guernsey is prepared to arm insolvency office holders with the necessary tools and powers to tackle, draw in and preserve the assets of an insolvent company for the benefit of creditors.

Jersey Royal Court declares trustee's exercise of power void
Ogier
  • Private Client & Offshore Services
  • Jersey
  • 30 January 2020

The Royal Court recently declared void certain actions of a trustee by which the assets of two Jersey law trusts had been transferred into a circular ownerless corporate structure, terminating the trusts. This case highlights the need for trustees to obtain detailed legal and tax advice when considering a restructuring of assets held in trust and is a helpful reminder that a trustee's duty to account is at the heart of the trustee-beneficiary relationship.

New opportunities for blockchain use in insurance industry
Ogier
  • Insurance
  • Cayman Islands
  • 21 January 2020

It has been more than a decade since blockchain – or distributed ledger technology – appeared on the financial services landscape. Yet, it is still capable of generating excitement as its value in transforming processes continues to develop. As blockchain increases its reach and its impact in specific industries grows, this will generate a need for suitable models of insurance. Cayman-based technology companies have expressed interest in buying insurance from local insurers.