Latest updates

Bank regulatory update
Ogier
  • Private Client & Offshore Services
  • Cayman Islands
  • 09 July 2020

The COVID-19 pandemic has triggered a number of operational and administrative challenges across the global legal and economic landscape. This article summarises some of the latest developments and the key issues relevant to financial institutions with legal and regulatory links to the Cayman Islands, including the validity and enforceability of electronic signatures and the Cayman Islands advisory on anti-money laundering and countering the financing of terrorism compliance.

Incorporating a private company
Ogier
  • Private Client & Offshore Services
  • Jersey
  • 09 July 2020

This article provides useful guidance on incorporating a private company under Jersey law by summarising the main legal requirements and general principles which apply in this regard (eg, company formation, share capital and continuing requirements), as well as the benefits of using a Jersey company.

National risk assessment: implications for businesses
Ogier
  • Private Client & Offshore Services
  • Guernsey
  • 09 July 2020

In January 2020 the Bailiwick published its national risk assessment (NRA), which identifies jurisdiction-wide and systemic risks to which its financial system is deemed particularly vulnerable. Individual specified businesses were initially given until the end of May 2020 to update their business risk assessments in light of the NRA, but some timeframes have been extended in response to the COVID-19 pandemic. This article examines the contents of the NRA and the implications for specified businesses in the Bailiwick.

COVID-19: government financial support for employers
Ogier
  • Employment & Immigration
  • Jersey
  • 08 July 2020

This article outlines the financial support available to employers in Jersey that have been adversely affected by measures introduced to manage the spread of COVID-19. Such support includes the payroll co-funding scheme and the deferral of social security contributions.

Potential causes of action in relation to funds in financial difficulty
Ogier
  • Private Client & Offshore Services
  • Guernsey
  • 02 July 2020

In these uncertain times, investors in investment funds are increasingly looking at options regarding their investment, including ways in which to redeem or recover it. However, if the fund in question is in financial difficulty, it may be harder for those investors to take action against the directors of the fund or recover their monies in full. This article looks at some of the ways in which investors in Guernsey funds which are in financial difficulty can assess the extent of that difficulty or recover their investment.

COVID-19: government financial support for businesses
Ogier
  • Private Client & Offshore Services
  • Jersey
  • 02 July 2020

This article outlines the financial support available to businesses in Jersey that have been adversely affected by measures introduced to manage the spread of COVID-19. Such support includes the payroll co-funding scheme, the business disruption loan guarantee scheme, the COVID-19 Special Situations Fund, the deferral of social security contributions and goods and services tax payments, government rent deferrals and renegotiations and measures regarding income tax debts.

Standard directions in Section 238 appraisal proceedings confirmed
Ogier
  • Corporate Finance/M&A
  • Cayman Islands
  • 24 June 2020

In a decision that provides additional certainty to dissenting shareholders, the Grand Court has rejected a company's efforts to recast the procedural framework for appraisal proceedings brought under Section 238 of the Companies Law (as revised). This decision follows the significant 2019 ruling of Chief Justice Smellie in JA Solar, which has become the touchstone for directions orders in Section 238 proceedings.

Standard directions in Section 238 appraisal proceedings confirmed
Ogier
  • Litigation
  • Cayman Islands
  • 23 June 2020

In a decision that provides additional certainty to dissenting shareholders, the Grand Court has rejected a company's efforts to recast the procedural framework for appraisal proceedings brought under Section 238 of the Companies Law (as revised). This decision follows the significant 2019 ruling of Chief Justice Smellie in JA Solar, which has become the touchstone for directions orders in Section 238 proceedings.

Company administration regime
Ogier
  • Insolvency & Restructuring
  • Guernsey
  • 19 June 2020

The Companies Law provides for companies, protected cell companies, incorporated cell companies and cells thereof to be placed into administration and for an administrator to be appointed to manage their affairs while the administration order remains in force. In January 2020 an ordinance was passed, introducing various changes to insolvency law in relation to both administrations and liquidations. This article sets out the changes which affect new administrations.

Standard directions in Section 238 appraisal proceedings confirmed
Ogier
  • Private Client & Offshore Services
  • Cayman Islands
  • 18 June 2020

In a decision that provides additional certainty to dissenting shareholders, the Grand Court has rejected a company's efforts to recast the procedural framework for appraisal proceedings brought under Section 238 of the Companies Law (as revised). This decision follows the significant 2019 ruling of Chief Justice Smellie in JA Solar, which has become the touchstone for directions orders in Section 238 proceedings.

How lasting powers of attorney can help you during COVID-19
Ogier
  • Private Client & Offshore Services
  • Jersey
  • 18 June 2020

Lasting powers of attorney enable a person to appoint someone else to make decisions on their behalf in respect of their property and affairs and health and welfare. This is especially useful during the COVID-19 pandemic for people who are considered high risk and are unable to leave their homes or those who are self-isolating.

Company administration regime
Ogier
  • Private Client & Offshore Services
  • Guernsey
  • 18 June 2020

The Companies Law provides for companies, protected cell companies, incorporated cell companies and cells thereof to be placed into administration and for an administrator to be appointed to manage their affairs while the administration order remains in force. In January 2020 an ordinance was passed, introducing various changes to insolvency law in relation to both administrations and liquidations. This article sets out the changes which affect new administrations.

COVID-19: government financial support for employers
Ogier
  • Employment & Immigration
  • Guernsey
  • 17 June 2020

This article outlines the financial support available to employers in Guernsey that have been adversely affected by measures introduced to manage the spread of COVID-19. Such support includes the payroll co-funding scheme, grants for small businesses and the self-employed, the Hardship Fund and deferrals of social security.

COVID-19: government financial support for businesses
Ogier
  • Real Estate
  • Guernsey
  • 12 June 2020

This article outlines the real estate-related financial support available to businesses in Guernsey that have been adversely affected by measures introduced to manage the spread of COVID-19. Such support includes deferrals of tax on real property payments and government rent deferrals and renegotiations.

COVID-19: temporary arrangements between landlords and tenants in respect of commercial leases
Ogier
  • Real Estate
  • Jersey
  • 12 June 2020

Due to the COVID-19 pandemic, the Jersey courts are prioritising certain cases and are unlikely to deal with property-related matters. As such, the government recently issued commercial property guidance to encourage landlords and tenants to negotiate temporary compromises with regard to lease obligations in a reasonable manner if either party experiences financial difficulties arising from the pandemic.

Funds update: Q1 2020
Ogier
  • Private Client & Offshore Services
  • Cayman Islands
  • 11 June 2020

Over the past quarter, numerous laws and regulations have been enacted which affect, or will affect, Cayman investment funds. This article is intended as a handy reference guide with respect to the recent developments.

COVID-19: government financial support for businesses
Ogier
  • Private Client & Offshore Services
  • Guernsey
  • 11 June 2020

This article outlines the financial support available to businesses in Guernsey that have been adversely affected by measures introduced to manage the spread of COVID-19. Such support includes the payroll co-funding scheme, grants for small businesses and the self-employed, the Hardship Fund, deferrals of social security and tax on real property payments and government rent deferrals and renegotiations.

COVID-19: temporary arrangements between landlords and tenants in respect of commercial leases
Ogier
  • Private Client & Offshore Services
  • Jersey
  • 11 June 2020

Due to the COVID-19 pandemic, the Jersey courts are prioritising certain cases and are unlikely to deal with property-related matters. As such, the government recently issued commercial property guidance to encourage landlords and tenants to negotiate temporary compromises with regard to lease obligations in a reasonable manner if either party experiences financial difficulties arising from the pandemic.

Grand Court successfully responds to COVID-19 challenges
Ogier
  • Litigation
  • Cayman Islands
  • 09 June 2020

The substantive hearing of a winding-up petition which was successfully conducted via videoconferencing shows that the Grand Court is responding effectively to the challenges of the COVID-19 pandemic. The Grand Court's apparent seamless adaptation to these challenging times is a testament to its well-established technological capabilities, given that judges have frequently presided over interlocutory hearings by video link from abroad in the past.

COVID-19: restructuring and corporate recovery measures
Ogier
  • Insolvency & Restructuring
  • Jersey
  • 05 June 2020

Most employees in the Jersey financial services industry are working from home and there has been no interruption to business continuity for the sector due to the COVID-19 crisis. Further, the Jersey Financial Services Commission has confirmed that while its physical premises are closed, a flexible business continuity strategy is being implemented. This article sets out potential insolvency reforms which may be implemented in the financial services sector with respect to local, regulated and international business.