Directors' Liabilities and Indemnities under The Companies (Guernsey) Law, 2008
As of 1 July 2008, The Companies (Guernsey) Law, 2008 (the "2008 Law") introduced a number of significant changes to the provisions of the constitutional documents i.e. the memorandum of incorporation and the articles of incorporation (hereinafter collectively referred to as the "Memorandum and Articles") of Guernsey companies. This Briefing is intended as a guide for directors, company secretaries, other company officers and administrators in the investment, fiduciary and insurance sectors who administer Guernsey companies which were formed prior to 1 July 2008 ("pre-2008 Companies"), and who are considering amending the Memorandum and Articles of pre-2008 Companies that they administer in order to comply with the 2008 Law, with particular reference to indemnities for directors and officers under the 2008 Law.
Sex Discrimination - A Guide for Employers in Guernsey
If an employer fails to comply with a non-discrimination notice or deliberately misleads the Department by providing false information or by suppressing or destroying relevant information, the employer will be guilty of an offence and may currently be liable for a fine of up to £5,000 and/or three months’ imprisonment.
Redundancy in Guernsey
In this time of recession redundancies are unfortunately inevitable as employers look at ways of trimming costs, or business begins to dry up.
Transition to New Guernsey Funds Regime
This memorandum has been prepared for the assistance of clients considering carrying out investment fund business in Guernsey. It is intended to provide only a summary of the main legal requirements and general principles applicable to investment fund business in Guernsey and is not intended to be comprehensive in its scope. It is recommended that a client seeks legal advice on any proposed transaction prior to taking steps to implement it.
Guernsey becomes world’s fourth largest captive domicile
Guernsey becomes world’s fourth largest captive domicile
The Companies (Guernsey) Law 2008
On 1 July 2008, Guernsey's new companies law, the Companies (Guernsey) Law 2008 (the "Law") came into force. This Briefing summarises the major changes to this area of law and outlines important administrative steps which need to be taken by company administrators and directors in all sectors.
Guernsey - New Fund and Prospectus Rules
Following the recent changes to the Protection of Investors (Bailiwick of Guernsey) Law, 1987, as amended (the “POI Law”) and the Control of Borrowing (Bailiwick of Guernsey) Ordinance, 1959, as amended (“COBO”) (as summarised in the recent Carey Olsen Client Briefing “Protecting Investors”) the Guernsey Financial Services Commission (the “GFSC”) has published new rules (the “New Rules”) to govern:
New Guernsey Fund Rules
The Protection of Investors (Bailiwick of Guernsey) (Amendment) Law 2007 (the "Amendment Law") came into force on 29 October 2008. In addition to amending the Protection of Investors (Bailiwick of Guernsey) Law 1987 (as amended) (the "POI Law"), the Amendment Law repealed those parts of the Control of Borrowing (Bailiwick of Guernsey) Ordinance 1959 ("COBO") which were relevant to funds business. Whereas closed-ended funds were previously dealt with under COBO, both open-ended and closed-ended funds are now regulated in Guernsey by the POI Law.
New Era of Banking Supervision awaits
As we live through the impact of credit crunch Michael Sproule of Atkinson Ferbrache Richardson foresees a tougher regime of performance standards for Banks and their Boards in meeting the requirements of best practice.
NEW LEGISLATION IN FORCE – THE ROYAL COURT (REFORM) (GUERNSEY) LAW, 2008
At its October sitting, the States of Guernsey passed a commencement ordinance bringing the Royal Court (Reform) (Guernsey) Law, 2008 into force.
Press releases
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Agrofert Successful in Law Suit against PKN Orlen
PRAGUE (30 June 2009) – The Arbitration court in Prague has decided in favour of company Agrofert Holding (“Agrofert”) in its claim against Polish company Polski Koncern Naftowy Orlen (“PKN Orlen”). The Polish company has to pay, on the basis of decision of the arbiters, a contractual penalty which exceeds EUR 77.2 million (over 2 billion CZK) with accessories. -
UBS CHF 3.8bn share placement
On June 25, 2009, UBS AG (SIX: UBSN) announced that it is offering 293,258,050 newly issued shares from authorized capital to a small number of institutional investors at a price of CHF 13.00 per share. After deducting cast associated with the placement, the amount of new equity capital expected to be raised is approximately CHF 3.8 billion. -
DWS reprises advisory role for MENA Infrastructure fund's investment in Oman's power sector
Denton Wilde Sapte continues to act as legal advisor for MENA Infrastructure Fund, picking up an instruction to advise on its second investment, in which it has taken 32.8% of the shareholding in Oman's United Power Company SAOG (UPC). -
Three partner admissions at Carey Olsen in Jersey
Carey Olsen is strengthening its corporate, finance and fiduciary teams in Jersey by admitting three partners to these key practice areas. -
Penningtons celebrates SRA and Farriers Registration Council tender wins
Penningtons Solicitors LLP's professional regulation group is celebrating two key appointments with the news that it has been successful in tenders to advise both the Solicitors Regulation Authority (SRA) and The Farriers Registration Council. -
Penningtons advises on Trans-Siberian Express luxury travel deal
Penningtons Solicitors LLP has advised international tour operator Australian Pacific Touring (UK) Limited on its purchase of a majority share in GW Travel Limited, the market-leader in long-distance luxury rail tours. GW Travel's flagship holidays are trips on the world-famous Trans-Siberian Express. -
Penningtons trainee encourages young Londoners to choose a career in law
Catherine McCann, a trainee solicitor at Penningtons Solicitors LLP's City office, has been invited to contribute to a new guide published by the London Chamber of Commerce & Industry to help young people consider the many types of jobs available in the capital. -
BAKER & MCKENZIE ADVISES FIBERWEB ON JOINT VENTURE WITH PETROPAR
London/Chicago/Sao Paolo, 26 June 2009 - Baker & McKenzie has advised Fiberweb plc on its proposed joint venture with Petropar S.A. The 50/50 joint venture, which will be named FitesaFiberweb, is intended to create the second largest producer of spunbond and non woven fabrics in North and South America. Completion of the transaction is subject to the approval of both Fiberweb and Petropar shareholders. -
Salans awarded Best European Law Firm
Salans has been awarded a Special Distinction in the Best European Law Firm award category at the 2009 International Legal Alliance Summit & Awards (“ILASA”). -
unit specialising in transaction and financing consultancy
HERMANN Rechtsanwälte Wirtschaftsprüfer Steuerberater and the Munich-based team at Grub Brugger join forces: Joint establishment of a unit specialising in transaction and financing consultancy