Latest updates

Royal Court blesses momentous decision of representative of minor and unborn beneficiaries
Ogier
  • Private Client & Offshore Services
  • Jersey
  • 06 May 2021

The Royal Court recently considered for the first time the blessing of a momentous decision of a court-appointed representative of minor and unborn beneficiaries of a trust to enter into a settlement agreement in respect of claims against the trust. While the decision to bless the decision of the representative of the minor and unborn beneficiaries was confined to the unusual facts of this case, this decision nonetheless establishes the circumstances (albeit limited) in which the court will bless such a decision.

Court of Appeal case provides guidance for trustees when issues of trust construction arise
Ogier
  • Private Client & Offshore Services
  • Guernsey
  • 06 May 2021

This article considers a recent Court of Appeal judgment regarding the interpretation of a trust instrument. This case provides helpful clarification of the principles to be applied when interpreting Guernsey law trust instruments. The Court of Appeal also helpfully confirmed that the trustee was absolutely correct in this instance to seek the court's directions.

Snapshot: application to court for restoration of Guernsey company
Ogier
  • Litigation
  • Guernsey
  • 04 May 2021

In Guernsey, there is a relatively quick and easy process for restoring companies to the Register of Companies when they have been struck off and dissolved. Applications can be made by various parties to the Non-contentious Court, which will deal with the matter 'on the papers'. However, if a party is likely to oppose the application to restore, an application should be made to the Ordinary Court and court attendance will be required.

Grand Court provides clarity on costs
Ogier
  • Litigation
  • Cayman Islands
  • 04 May 2021

A recent costs ruling has provided welcome clarity on the circumstances in which the Grand Court will make a costs award on the indemnity basis. A successful party can expect to recover a higher proportion of its costs when an award is made on the indemnity basis (rather than the standard basis) since only costs that are unreasonably incurred or are of an unreasonable amount will be disallowed on taxation and any doubts as to reasonableness are resolved in favour of the successful party.

Snapshot: application to court for restoration of Guernsey company
Ogier
  • Corporate & Commercial
  • Guernsey
  • 03 May 2021

In Guernsey, there is a relatively quick and easy process for restoring companies to the Register of Companies when they have been struck off and dissolved. Applications can be made by various parties to the Non-contentious Court, which will deal with the matter 'on the papers'. However, if a party is likely to oppose the application to restore, an application should be made to the Ordinary Court and court attendance will be required.

Snapshot: debt for equity swaps
Ogier
  • Insolvency & Restructuring
  • Jersey
  • 30 April 2021

Jersey continues to be the offshore jurisdiction of choice for restructurings involving debt for equity swaps (particularly restructurings of UK and international corporate groups). But what makes Jersey so attractive for this type of transaction? This article looks at the benefits of using a Jersey company and key initial issues which must be considered in this respect.

Grand Court provides clarity on costs
Ogier
  • Private Client & Offshore Services
  • Cayman Islands
  • 29 April 2021

A recent costs ruling has provided welcome clarity on the circumstances in which the Grand Court will make a costs award on the indemnity basis. A successful party can expect to recover a higher proportion of its costs when an award is made on the indemnity basis (rather than the standard basis) since only costs that are unreasonably incurred or are of an unreasonable amount will be disallowed on taxation and any doubts as to reasonableness are resolved in favour of the successful party.

Snapshot: application to court for restoration of Guernsey company
Ogier
  • Private Client & Offshore Services
  • Guernsey
  • 29 April 2021

In Guernsey, there is a relatively quick and easy process for restoring companies to the Register of Companies when they have been struck off and dissolved. Applications can be made by various parties to the Non-contentious Court, which will deal with the matter 'on the papers'. However, if a party is likely to oppose the application to restore, an application should be made to the Ordinary Court and court attendance will be required.

Snapshot: debt for equity swaps
Ogier
  • Private Client & Offshore Services
  • Jersey
  • 29 April 2021

Jersey continues to be the offshore jurisdiction of choice for restructurings involving debt for equity swaps (particularly restructurings of UK and international corporate groups). But what makes Jersey so attractive for this type of transaction? This article looks at the benefits of using a Jersey company and key initial issues which must be considered in this respect.

Proposed annual leave increase and daily rest breaks for employees
Ogier
  • Employment & Immigration
  • Jersey
  • 28 April 2021

From January 2022, additional employment rights are expected to be introduced for employees in Jersey. The proposals would require employers to provide at least three weeks' paid annual leave and a 15-minute rest break in any work period of six hours or more. Jersey's Employment Forum presented a report to the social security minister following public consultation in late 2019 and early 2020, which made a number of recommendations.

Regulatory investigations: overview
Ogier
  • Banking & Financial Services
  • Guernsey
  • 27 April 2021

The Guernsey Financial Services Commission (GFSC) routinely visits Guernsey licensees to check on their compliance with the local regulatory law, regulations and rules. The GFSC will examine and may identify deficiencies in a regulated licensee's corporate governance, management or internal controls. In those circumstances, the GFSC will require the licensee to carry out remediation work to address any contraventions or misconduct to ensure that the entity is returned to full compliance as soon as possible.

Avenues of redress for stakeholders in Cayman-incorporated companies facing excesses of majority shareholders
Ogier
  • Corporate & Commercial
  • Cayman Islands
  • 26 April 2021

Against the backdrop of differing economies, laws and regulations throughout Asia, choosing to incorporate Cayman entities into holding and investment structures allows international stakeholders to cooperate under the aegis of a stable and effective judicial system. Through its court system, the Cayman Islands can provide the investment community with impartial, established and highly regarded judicial resources dedicated to resolving complex commercial disputes.

Avenues of redress for stakeholders in Cayman-incorporated companies facing excesses of majority shareholders
Ogier
  • Private Client & Offshore Services
  • Cayman Islands
  • 22 April 2021

Against the backdrop of differing economies, laws and regulations throughout Asia, choosing to incorporate Cayman entities into holding and investment structures allows international stakeholders to cooperate under the aegis of a stable and effective judicial system. Through its court system, the Cayman Islands can provide the investment community with impartial, established and highly regarded judicial resources dedicated to resolving complex commercial disputes.

Proposed annual leave increase and daily rest breaks for employees
Ogier
  • Private Client & Offshore Services
  • Jersey
  • 22 April 2021

From January 2022, additional employment rights are expected to be introduced for employees in Jersey. The proposals would require employers to provide at least three weeks' paid annual leave and a 15-minute rest break in any work period of six hours or more. Jersey's Employment Forum presented a report to the social security minister following public consultation in late 2019 and early 2020, which made a number of recommendations.

Regulatory investigations: overview
Ogier
  • Private Client & Offshore Services
  • Guernsey
  • 22 April 2021

The Guernsey Financial Services Commission (GFSC) routinely visits Guernsey licensees to check on their compliance with the local regulatory law, regulations and rules. The GFSC will examine and may identify deficiencies in a regulated licensee's corporate governance, management or internal controls. In those circumstances, the GFSC will require the licensee to carry out remediation work to address any contraventions or misconduct to ensure that the entity is returned to full compliance as soon as possible.

Snapshot: notification injunctions
Ogier
  • Litigation
  • Cayman Islands
  • 20 April 2021

A notification injunction is an alternative to the conventional freezing order that is available where there is concern that a respondent may deal with their assets so as to frustrate the enforcement of any future judgment. This new breed of quia timet 'notification' injunction is to be welcomed: it represents a further weapon in the Cayman court's arsenal to assist litigants, particularly in fraud and asset tracing cases, to prevent the frustration of judgments.

Trust company's £550,000 fine demonstrates importance of effective and consistent AML procedures
Ogier
  • Litigation
  • Jersey
  • 20 April 2021

The Royal Court recently imposed a hefty £550,000 fine on a firm for failing to ensure that, in practice, its anti-money laundering (AML) policies and procedures were being applied effectively and consistently. Notably, the Royal Court was not deterred from imposing a fine by the fact that the failings related to only one client structure. Firms must therefore ensure that their AML controls are being applied effectively across their entire business – for, as this judgment shows, the cost of failing to do so can be high.

Director disqualification: 12-year disqualification penalty imposed
Ogier
  • Litigation
  • Guernsey
  • 20 April 2021

When considering the penalties imposed on directors of Guernsey companies for misconduct or breaches of the Companies (Guernsey) Law 2008, arguably the most serious penalty which can be imposed is a disqualification order. Such an order can, at its highest, be career ending for a director, with the maximum period of disqualification being 15 years. This article examines a recent decision in which the Royal Court imposed a disqualification period of 12 years.

Trust company's £550,000 fine demonstrates importance of effective and consistent AML procedures
Ogier
  • White Collar Crime
  • Jersey
  • 19 April 2021

The Royal Court recently imposed a hefty £550,000 fine on a firm for failing to ensure that, in practice, its anti-money laundering (AML) policies and procedures were being applied effectively and consistently. Notably, the Royal Court was not deterred from imposing a fine by the fact that the failings related to only one client structure. Firms must therefore ensure that their AML controls are being applied effectively across their entire business – for, as this judgment shows, the cost of failing to do so can be high.

Director disqualification: 12-year disqualification penalty imposed
Ogier
  • Corporate & Commercial
  • Guernsey
  • 19 April 2021

When considering the penalties imposed on directors of Guernsey companies for misconduct or breaches of the Companies (Guernsey) Law 2008, arguably the most serious penalty which can be imposed is a disqualification order. Such an order can, at its highest, be career ending for a director, with the maximum period of disqualification being 15 years. This article examines a recent decision in which the Royal Court imposed a disqualification period of 12 years.