The Legal 500

Jersey

Editorial

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Overview

While remaining unpredictable, Jersey’s financing market improved slightly during 2012, in terms of the refinancing and restructuring of existing deals and new-money transactions.

Restructuring also remained a major theme, with new big-ticket M&A deals few and far between. Nonetheless, one of the M&A market’s key features has been the interest shown by certain private equity firms in financial services and other Jersey-based businesses.

Dispute resolution practices on the island remain as busy as ever. Insolvency-related work has increased, with a number of banks looking at their enforcement options; regulatory investigations by The Jersey Financial Services Commission against local financial institutions are on the rise; businesses are seeking to challenge interest rate swaps sold to them prior to the credit crunch; and trust litigation is particularly active. Litigators have also experienced increased levels of activity in relation to investment funds, directors’ duties, and employee and shareholder disputes. Many view the availability of third-party litigation funding as likely to increase the volume of litigation.

Key international developments, on the law firm front, included Carey Olsen launching a Cayman Islands office with a team of four partners specialising in corporate, finance and investment funds work. The firm also launched a BVI practice from its Guernsey office in 2012, and in January 2013 entered into an association with offshore law firm Hempel and Boyd, which provides BVI legal services from its offices in the BVI and South Africa. Having launched a Hong Kong outpost at the start of 2012, Mourant Ozannes opened a BVI office in September 2012, with Michael Williams relocating from Jersey to become managing partner. Bedell Cristin has also been expanding internationally, opening offices in the BVI and Singapore in 2012.

Locally, most movement took place among the island’s dispute resolution practices, with Appleby’s office managing partner David Benest, a litigation specialist, leaving to set up his own practice, David Benest Law; Beverley Lacey leaving Mourant Ozannes and establishing Lacey Advocates; and Matthew Thompson leaving Ogier to take up an appointment as Master of the Royal Court of Jersey. On the transactional side, Bedell Cristin welcomed commercial property expert Peter Bertram from Ogier.

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Legal Developments in Jersey

Legal Developments and updates from the leading lawyers in each jurisdiction. To contribute, send an email request to
  • Guernsey and Jersey issue draft Guidance Notes for FATCA-based reporting

    On 31 January 2014 the Crown Dependencies of Guernsey and Jersey jointly issued draft Guidance Notes (in conjunction with the Isle of Man) on the implementation of obligations arising under the  intergovernmental agreements ("IGAs") signed by each island with the UK in October 2013 and  with the US in December 2013. The draft Guidance Notes, as currently published, are substantially the same for each island, subject to certain island-specific differences. The current draft is to be to be regarded as a work in progress and the views of local industry in each island are being sought.
  • Introduction of Limited Liability Partnerships in Guernsey

    In response to increasing demand for limited liability partnership structures in Guernsey, and following the successful adoption of such structures in other jurisdictions, the States of Guernsey have recently approved draft legislation which introduces limited liability partnerships to Guernsey (the "LLP Law"). The draft law is expected to receive Royal Assent and come into force prior to July
  • Modified Universalism - The Guernsey Perspective

    The Royal Court has recently given clear guidance on the application of the principle of modified universalism to insolvency matters in Guernsey. The case of EFG Private Bank (Channel Islands) Ltd v. BC Capital Group (in liquidation) & Ors [34/2013] will have significant consequences for crossborder insolvencies with a Guernsey element, as it sets out for the first time the principles which the Royal Court should consider when assessing the nature and extent of its obligation to provide "active assistance" to foreign insolvency proceedings.
  • Implications of FATCA for Cayman Islands entities

    FATCA or the Foreign Account Tax Compliance Act, is actually a section of the Hiring Incentives to Restore Employment (HIRE) Act passed into United States law in March 2010, that comes into force on 1 July 2014. It is unique in its extra-territorial reach, being an attempt to force financial institutions ("FIs") worldwide to report on their U.S. tax resident accountholders and imposing sanctions for non-compliance. The starting point is that all nonU.S. FIs should be forced to register with and identify their U.S. tax resident accountholders to the IRS or face a 30% withholding tax on gross payments from U.S. payors. Read more...
  • Investec Trust (Guernsey) Limited v Glenalla Properties Limited and Rawlinson and Hunter Trustees

    The Plaintiffs as the former trustees (the "Former Trustees") of the Tchenguiz Discretionary Trust (the "Trust"), a trust governed by Jersey law, brought proceedings in the Guernsey Royal Court under Section 69 of the Trusts (Guernsey) Law, 2007 ("TGL") inter alia for declarations against four British Virgin Island companies (the "BVI Companies") which were creditors of the Former Trustees pursuant to loan arrangements. The declarations sought by the Former Trustees were to the effect that the Former Trustees' liability to the BVI Companies was only as trustee and that the claims could only be enforced against the Former Trustees to the extent that they held assets of the Trust available to satisfy these demands. Read more...
  • AIFMD Update - January 2014

    Read more...
  • New security law provides enhanced benefits to creditors

    The new Security Interests (Jersey) Law 2012 which came into force on 2 January 2014 provides a new regime for the creation and registration of security interests over shares and other intangible movable property situate in Jersey. Read more...
  • Guernsey Launches Aviation Registry

     
  • Cayman Islands and the United States sign FATCA IGA

     
  • Taxation (Exchange of Information with Third Countries) (Amendment No.7) (Jersey) Regulations 2008

     

Press Releases in Jersey

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