The Legal 500

by Samantha Grimes

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Anthony Jimenez, fund lawyer at Hassans Law Firm, reports on behalf of GFIA to review the recently enacted Financial Services (Collective Investment Schemes) Act 2011 (CIS Act 2011) and its key provisions with regards to the UCITS IV regime.

Standing strong as one of the Pillars of Hercules, Gibraltar is a small British Overseas Territory located at the southern tip of Spain. Gibraltar is a touristic hub for day-trippers and cruise liner passengers and, yes, its famous apes continue to make the Rock their home: but Gibraltar is also fast becoming a powerful force in international business.

Article by Gemma Arias, Associate

Pursuant to the Gibraltar Companies Act, there are numerous mechanisms through which the shareholders of a private company can extract cash from the company’s balance sheet other than by way of dividend without having to resort to the Gibraltar courts. 

Article by Richard Buttigieg, Partner and Danielle Vila, Associate

Shadow Directors & De Facto Directors under Gibraltar Law

There may be some doubt as to whether the concept of shadow director exists in Gibraltar Law, especially as the term shadow director is not used at all in the Gibraltar Companies Act.

Article by Peter Montegriffo, Partner, Mark Henrich, Senior Associate and Scott Simmons, Associate

Relocating to Gibraltar There are many factors which would attract someone to relocate to Gibraltar. Situated on the southern tip of the Iberian Peninsula, “the Rock” enjoys a temperate Mediterranean climate with mild winters and warm summers. The accessibility of nearby historical and cultural Andalucía in Spain, coupled with its spectacular scenery and wildlife, makes Gibraltar a popular destination. 

Foreign Secretary William Hague has made a written statement to the British Parliament on the European Court Judgement on taxation in Gibraltar. In this he states that the ECJ’s decision not to examine the issue of regional selectivity means that there has been no change in the principles established by the Court in the Azores case.

Disputes between shareholders arise for a number of reasons. One of the most common reasons is where a previously good relationship turns sour. There may be a dissident shareholder who refuses to co-operate in the running of the business and who hampers the decision – making process.

Article by Richard Buttigieg, partner and Ian Felice, partner

Directors owe a fiduciary duty to the company of which they are a director. In addition, a director also owes a duty of skill and care to the company. These duties were originally laid down at common law, although now in the UK many of them have been codified in the Companies Act 2006. However, in Gibraltar they continue to be defined by common law (i.e. by case law and precedent).

Article by Scott Simmons, Associate

The recent UK case of MJP Media Services Ltd v HMRC has highlighted the importance of ensuring that payments claiming to be loans must be made directly to the debtor for them to use as necessary and that, if challenged, taxpayers must retain and be able to produce sufficient evidence to support its case.