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Regional review

Guernsey was not immune to the challenging global economic climate. Nonetheless, M&A activity continued, with most private M&A transactions involving Guernsey companies as holding companies within larger international groups, and the year saw an increase in the use of schemes of arrangement for takeovers.

Major deals requiring Guernsey legal advice included Kleinwort Benson Channel Island Holdings’ acquisition of Close Offshore; Betfred’s purchase of The Tote; and Photoways’ acquisition of Moonpig.com. On the capital markets side, the picture was relatively healthy until the summer of 2011, after which several instructions became dormant.

On the private client side, clients and Guernsey’s law firms are expected to benefit from the introduction of Guernsey foundations legislation in late 2012, anticipated to appeal to clients unfamiliar or uneasy with the pure trust concept and who perceive a trust’s absence of separate legal identity to be an issue.

Although the AIFM Directive created uncertainty in the funds world, Guernsey’s funds pipeline increased in the second half of 2011, and continued to grow during the first quarter of 2012. In the island’s insurance sector, a major development in 2011 was the decision by the Guernsey Financial Services Commission not to seek equivalence under Solvency II. This decision led to Guernsey becoming a more attractive jurisdiction for captive insurers than those subject to the European legislation, and led to increased workflows in captive migrations for Guernsey’s insurance teams.

On the litigation front, practices have remained busy with asset tracing and enforcement, banking litigation, distressed funds, regulatory investigations, insolvency and trust litigation. Highlight cases of the year included the Tetragon matter, in which the fund’s executive directors, founders and principal shareholder are defendants in unfair prejudice and derivative proceedings, and the Carlyle Group litigation that concerns claims brought by the liquidators of Carlyle Capital Corporation, marking Guernsey’s largest-ever piece of substantive litigation.

In Guernsey’s legal market, Carey Olsen, Mourant Ozannes and Ogier remain the firms most likely to be called in for big-ticket international work, but 2011 also saw a big push being made by Guernsey’s newest pan-Channel Islands contender, when Collas Day in Guernsey and Crill Canavan in Jersey merged to create Collas Crill, a full-service Channel Islands law firm. The combined practice has 19 partners across both islands and has strengthened its presence locally and internationally; in August 2011, the firm relocated Sean Cheong - to spearhead the launch of its new Singapore office.

Mourant Ozannes, which underwent its own pan-Channel Islands union in 2010, has since undergone some movement, with Peter Harwood retiring from the partnership, commercial partner Andrew Walters leaving for a non-legal role and former Guernsey property head Edward Prentice retiring from the firm. AO HALL, best known for employment and dispute resolution matters, saw the departure of Elaine Gray to Carey Olsen and Jon Barclay to Bedell Cristin.

Meanwhile, global firm Appleby, which launched its Guernsey practice in 2010, has gained traction, and remains the only international legal practice able to offer clients advice in all three Crown Dependencies.

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Legal Developments in Guernsey

Legal Developments and updates from the leading lawyers in each jurisdiction. To contribute, send an email request to

  • Important development in Guernsey litigation costs recovery

    Ability to order interim payments on account of costs confirmed
    - Bedell Cristin

  • 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.
    - Ogier

  • Royal Court Civil Proceedings - A Shift From Ladbroke on External Lawyers' Fees?

    The limits of cost recovery in Guernsey litigation is an ever present issue for clients. It is even more acute where external lawyers are engaged because of the need for specialist assistance. This article explores those limits, with a focus on external lawyers' fees and the leading 2008 case of Ladbrokes PLC v Galaxy International Ltd.
    - Mourant Ozannes

  • The Company Administration Regime in Guernsey

    Introduction 
    - Ogier

  • Proposed changes to Guernsey Insolvency Laws

    The Guernsey States of Deliberation have approved changes to the Companies (Guernsey) Law, 2008 which include several key changes affecting insolvencies in Guernsey.The Guernsey States of Deliberation have approved changes to the Companies (Guernsey) Law, 2008 which include several key changes affecting insolvencies in Guernsey.
    - Mourant Ozannes

  • Guernsey Foundations

    A summary of the key aspects of the Foundations (Guernsey) Law, 2012. 
    - Mourant Ozannes

  • Guernsey Image Rights Legislation

    The Image Rights (Bailiwick of Guernsey) Ordinance 2012 (the Ordinance) and The Image Rights (Bailiwick of Guernsey) Regulations, 2012
    - Ogier

  • 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.
    - Ogier

  • 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.
    - AFR Advocates

  • Non-charitable purpose trusts in Guernsey

    Guernsey law permits a purpose trust to be established with a particular purpose stated in the trust instrument and for which there are no ascertainable beneficiaries.
    - Mourant Ozannes

Press Releases in Guernsey

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