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Although the financial services sector remains a key source of instructions for Isle of Man lawyers, the island also boasts a burgeoning space industry, and is a leading centre for e-gaming, while the success of the Isle of Man Aircraft Register has led to an increase in aircraft finance transactions. Furthermore, following in the footsteps of Jersey, the jurisdiction introduced its own foundations law, which came into effect in 2012 and is based on the Jersey model. Appleby set up and established the Isle of Man’s first foundation.

Recent highlights, in terms of commercial deals requiring Manx legal advice, included Kleinwort Benson Channel Islands Holding’s acquisition of several Isle of Man regulated entities, and Lamprell’s $336.1m offer for Maritime Industrial Services.

In the second half of 2011, many firms experienced an increase in the number of instructions from parties disputing investment advice, while the largest, most complex dispute ever to come before a Manx Court is The Alfa Group (Russia) dispute concerning the ownership of a substantial stake in the Kyrgyz Republic’s mobile telecoms industry. The case was initially before the courts in 2007, but has become active again in the jurisdiction. The island’s Privy Council recently determined that jurisdictional challenges launched by a number of the parties should be dismissed, such that the substantive litigation will continue in the Isle of Man.

The biggest news for the legal market occurred in May 2012, when Gough Advocates’ managing director Paul Kerruish left the firm, taking the corporate, commercial, private client and property arms of the business and forming a new private client and commercial practice called Kerruish Law & Trust. Gough Advocates has rebranded as a litigation practice, under the name Gough Law.

Leading law firm Cains expanded its service offering through the establishment of fiduciary operations in Singapore and BVI; there are large numbers of fiduciary services providers on the Isle of Man and a large proportion incorporate and administer BVI companies. Simcocks also has BVI-qualified lawyers. Appleby, meanwhile, is the only international law firm with an office in all three Crown Dependencies, in addition to its Caribbean (including BVI) offices.

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