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.
In this case, the Court of Appeal, on appeal from the Jersey Royal
Court, held that a fiduciary in relation to a trust had an identical
right of indemnity in equity out of the trust fund as a trustee and that
the Re Buckton principles had no bearing on the entitlement of a
trustee (and, by corollary, a fiduciary) to an indemnity out of the
trust fund. Read more...
In the decision of HMRC v Ben Nevis & Ors the English Court
of Appeal has held that enforcement of foreign tax debts would be
permitted even though the tax debts arose prior to the relevant tax
convention coming into effect. Read more...
In HM Procureur v King & HSBC Trustee (Guernsey) Limited the
Guernsey Court of Appeal overturned a Royal Court decision to discharge
an external restraint order under the Guernsey proceeds of crime laws
stating that the significant delay in finalising the foreign proceedings
was not a ground for discharge. Read more...
In a welcome judgment for employers, the
Guernsey Employment and Discrimination
Tribunal recently rejected an
employee's claim for constructive unfair
dismissal and upheld an employer's right to
exercise its discretion in accordance with the
terms of its discretionary bonus scheme. Read more...
In the matter of the Representation of Huelin-Renouf Shipping Limited
 JRC 164, the Royal court of Jersey has again shown its readiness
to utilise the just and equitable winding up jurisdiction in order to
provide a solution not otherwise offered by other insolvency procedures
available under Jersey law.
In the matter of Aspis Jersey Limited, Mourant Ozannes acted for the
liquidator of T Bank (previously known as Aspis Bank SA), the first
Greek bank to enter insolvency following the recent financial crisis.
The application was made by the liquidators of a Jersey SPV that had
been used as a vehicle to raise capital for T Bank via the issue of
certain preferred securities. Read more ...