The Legal 500

Guernsey

Editorial

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Legal market overview

While Guernsey continues to develop its international profile as an investment fund centre, particularly for private equity and venture capital, transaction structuring and services, it has recently experienced a decline in fund activity.

M&A activity for the island in 2012 featured many cross-jurisdictional property and financial services deals involving Guernsey companies. The new Competition Law, effective from August 2012, impacted on M&A activity by creating an additional layer of analysis as to whether deals required the competition authority’s consent.

Financing instructions tended to focus on bridge financing to private equity funds, and real estate finance transactions, while refinancings and restructurings remained a significant source of work. There was also a rise in listings on the Channel Islands Stock Exchange.

IP lawyers in Guernsey can look forward to new instructions following the launch of the world’s first image rights register in Guernsey in December 2012. The legislation established image rights as a separate branch of IP law, and provides defined safeguards for celebrities and sports personalities.

A major development in Guernsey’s private wealth sector was the introduction of the island’s own version of foundations, which already existed in Jersey and the Isle of Man, thereby meeting demand from jurisdictions more used to the foundation structure than trusts.

Dispute resolution lawyers remained active throughout the year. A number of law firms on the island were called on to advise in relation to a $1bn-plus compensation claim brought against the directors of Carlyle Capital Corporation, in relation to a collapsed fund that invested in residential mortgage backed securities.

International developments for Guernsey’s legal practices included Carey Olsen opening a Cayman Islands office, with a team of four partners who specialise in corporate, finance and investment funds. The firm also launched a BVI practice, and in January 2013 entered into an association with offshore law firm Hempel and Boyd.

Bedell Cristin established a BVI office at the start of 2012, and launched a Singapore outpost in July 2012. Mourant Ozannes opened up in the BVI in September 2012, following on from its Hong Kong launch at the start of 2012, and Appleby founded a representative office in Shanghai in April 2012.

Key market movements for the island included corporate and finance expert David Moore and litigation advocate Rupert Morris joining Bedell Cristin from Mourant Ozannes and Ogier respectively, and Roger Le Tissier retiring from Ogier in 2013.

Press releases

The latest news direct from law firms. If you would like to submit press releases for your firm, send an email request to

Legal Developments in Guernsey

Legal Developments and updates from the leading lawyers in each jurisdiction. To contribute, send an email request to
  • In re B; B v T (Court of Appeal, 11 July 2012)

    A trustee's duty of confidentiality has recently been discussed and to some extent clarified in the recent Guernsey Court of Appeal decision of In re B; B v T (Court of Appeal, 11 July 2012). This summary has been prepared to provide you with a summary of the case as well as the general issues raised, but is not intended to cover all matters or to provide commentary.   This summary does not constitute legal advice.
  • The Company Administration Regime in Guernsey

    Introduction 
  • Guernsey Image Rights Legislation

    The Image Rights (Bailiwick of Guernsey) Ordinance 2012 (the Ordinance) and The Image Rights (Bailiwick of Guernsey) Regulations, 2012
  • Guernsey Foundations

    The Foundations (Guernsey) Law, 2012 (Law) is awaiting Royal assent, expected to be given by the end of the year or early next year. Whilst Guernsey is not the first jurisdiction to provide for foundations, the Law does provide a number of unique options for individuals wishing to take advantage of the benefits provided by foundations. The purpose of this note is to provide both a general summary of the features of a Guernsey foundation, as well as a summary of these unique options that will be available under the Law.
  • Competitive Guernsey

    Guernsey has been considering the introduction of local competition law since at least 2005 and by bringing into effect The Competition (Guernsey) Ordinance, 2012 on 1 August 2012, has introduced an effective Competition Law regime, to regulate the same 3 core areas recognized in most competition regimes, namely the abuse of a dominant position, anti-competitive arrangements, and mergers and acquisitions.
  • Foundations in Guernsey

    On 25 July 2012 the States of Deliberation, Guernsey’s parliament, approved the project de loi The Foundations (Guernsey) Law, 2012 (the “Law”). Subject to Privy Council approval, the Law is expected to come into force in late 2012 or early 2013. This note is a brief summary of certain features of the new Law.
  • Friendly Rivalry? The Competition Laws of the Channel Islands

    • New Competition Law for Guernsey in force on 1 August 2012 • Jersey and Guernsey now both regulate the abuse of a dominant position, anti-competitive arrangements, and mergers and acquisitions • Key differences between the islands' competition laws • Overall, a pan-Channel Island approach to regulation
  • Making a will in Guernsey May 2012

    On 2 April 2012 The Inheritance (Guernsey) law 2011 came into force which has replaced Guernsey’s forced heirship regime with a system of full testamentary freedom (accompanied by family and dependent provisions).
  • Listing Specialist Securities on the Channel Islands Stock Exchange

    The Channel Islands Stock Exchange LBG ("CISX") began its operations in October 1998. It is based in St Peter Port, Guernsey and provides a listing facility and bespoke trading platform.
  • Image rights laws to be introduced in Guernsey

    “Image is everything” - Andre Agassi once famously declared in an advert for camera brand, Canon.

Press Releases in Guernsey

The latest news direct from law firms. If you would like to submit press releases for your firm, send an email request to
  • VEGAS LEX works on regional airports development strategy

    The VEGAS LEX law firm is working on a strategy to develop international airport hubs based on regional airports in Russia.
  • Commercial Litigation and Arbitration Forum: recognition and enforcement of English court judgments

    Head of VEGAS LEX's Dispute Resolution Practice Kirill Trukhanov spoke at the Legal Week Commercial Litigation and Arbitration Forum in London last week
  • VEGAS LEX drafts local air services financing program

    The VEGAS LEX law firm is working on proposals concerning additional funding sources for regional air service programs in Russia
  • Positive Developments for the Economy of Cyprus

    800x600 It has been around one year and a half since the Eurogroup decisions to recapitalise Bank of Cyprus via a bail-in on 25 th of March 2013. Cyprus has worked hard since then to exit the financial crisis and to maintain its status and reputation as an international financial centre. Within October 2014, several positive developments which took place suggest that Cyprus is on a good path. These positive developments include: Normal 0 false false false EN-GB X-NONE X-NONE MicrosoftInternetExplorer4 /* Style Definitions */ table.MsoNormalTable {mso-style-name:"Table Normal"; mso-tstyle-rowband-size:0; mso-tstyle-colband-size:0; mso-style-noshow:yes; mso-style-priority:99; mso-style-parent:""; mso-padding-alt:0cm 5.4pt 0cm 5.4pt; mso-para-margin:0cm; mso-para-margin-bottom:.0001pt; mso-pagination:widow-orphan; font-size:10.0pt; font-family:"Calibri","sans-serif";} Normal 0 false false false EN-GB X-NONE X-NONE MicrosoftInternetExplorer4 /* Style Definitions */ table.MsoNormalTable {mso-style-name:"Table Normal"; mso-tstyle-rowband-size:0; mso-tstyle-colband-size:0; mso-style-noshow:yes; mso-style-priority:99; mso-style-qformat:yes; mso-style-parent:""; mso-padding-alt:0cm 5.4pt 0cm 5.4pt; mso-para-margin:0cm; mso-para-margin-bottom:.0001pt; mso-pagination:widow-orphan; font-size:10.0pt; font-family:"Calibri","sans-serif";}
  • VDB Loi assists with first Commercial Tax registration by a non-resident

    VDB Loi, a leading legal and tax advisory firm in Myanmar, was this week able to register an unnamed non-resident foreign company without a branch in Myanmar for Commercial Tax (CT) purposes. According to Myanmar’s tax laws, 5% CT is due on, among other things, all services rendered in the country. This includes services that are performed in Myanmar by foreign or non-resident companies such as engineering, installation, drilling or consulting. Until recently, however, there was confusion about the implementation by foreign companies, many of which were under the impression that the CT did not apply to them, unless they formally opened a branch in the country. That confusion has now been lifted as the Internal Revenue Department (IRD) has issued the first CT registration for a foreign service provider who has no presence or branch in Myanmar.
  • Péter Köves elected Vice President of IBA Bar Issues Commission

    Péter Köves has been elected as the Vice President of the Bar Issues Commission of the International Bar Association ("IBA"), the world's largest association for lawyers, law firms and bars.
  • "POPOV & PARTNERS” WITH A NEW ADDRESS

    We are pleased to inform you that, from 28.10.2014 onward, "Popov & Partners" Law office will be working and admitting clients at a new location. Striving to be closer to the clients, the business and the institutions, we have chosen a site situated at the heart of downtown Sofia, which has excellent transport links and is easily accessible from all parts of the city. The address is: Sveta Nedelya Square N 4, floor 4.We are pleased to inform you that, from 28.10.2014 onward, "Popov & Partners" Law office will be working and admitting clients at a new location. Striving to be closer to the clients, the business and the institutions, we have chosen a site situated at the heart of downtown Sofia, which has excellent transport links and is easily accessible from all parts of the city. The address is: Sveta Nedelya Square N 4, floor 4.
  • Moldova: Amendments to the Legislation on Pledges

    On 25 July 2014, the Parliament of the Republic of Moldova (Moldova) adopted Act No. 173/2014 on amending and supplementing of certain legal acts (Act No. 173). Act No. 173 will enter into force on 8 November 2014 and will inter alia change the Act No. 449/2001 on pledges (Pledges Act). The effected changes will have a direct impact on both guarantees issued before the entrance into force of the Act No. 173 (which will have to be dealt under the new legal provisions) and on obligations to be secured under the new legal frame. Act No. 173 is also meant to introduce a series of novelties into Moldovan legislation.  read more...
  • Avellum Partners’ Tax Practice Recommended by International Tax Review

    Kyiv, 22 October 2014  - Avellum Partners is proud to announce that our Tax Practice has been highly recognized by International Tax Review (" ITR "), a highly reputable international magazine for tax professionals published by Euromoney Plc. In particular, Avellum Partners was ranked within Tier 3 according to the World Tax and World Transfer Pricing 2015 proving its leading reputation in Ukraine.
  • Boult Wade Tennant grows the Trade Mark and Domain Names team with six new professionals