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Appleby

HIRZEL COURT, HIRZEL STREET, ST PETER PORT, GY1 3 BN, GUERNSEY
Tel:
Work 01481 755600
Fax:
Fax 01481 728992
Email:
Web:
www.applebyglobal.com

Guernsey

Banking and finance
Banking and finance - ranked: tier 2

Appleby

Clients find that Appleby ‘is outstanding, very responsive, very professional, very knowledgeable and commercial’ – ‘they just get on with it without drama’. ‘Smart and commercial’ counsel Camilla Hobbs recently collaborated with associate Nicole Sorbie – whose ‘calm demeanour makes deals happen far more easily’ – and practice head Jeremy Berchem to act as local counsel to Nomura as arranger to a syndicate of lenders with respect to facilities provided to GVC. Other notable clients include Barclays, Investec and the Blackstone Group.

Next generation lawyers

Camilla Hobbs - Appleby

Nicole Sorbie - Appleby

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Corporate and M&A
Corporate and M&A - ranked: tier 3

Appleby

Jeremy Berchem heads the corporate and M&A outfit at Appleby. In recent highlights, Kate Storey collaborated with the firm’s Jersey team to oversee the listing of PraxisIFM on the TISE, and acted for a fiduciary company in its acquisition by a leading offshore financial institution. In the real estate space, Berchem represented Blackstone across all three crown dependencies in the sale of its logistics business – Logicor – to the China Investment Corporation. Also notable is the group’s advice to Bally Gaming and Systems and Scientific Games with regard to their acquisition of NYX Gaming by way of a scheme of arrangement. Associate James Walsh recently joined the team from an in-house position at Standard Life and is also a key contact alongside counsel Camilla Hobbs and associate Nele Bhebhe.

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Dispute resolution
Dispute resolution - ranked: tier 2

Appleby

Appleby’s ‘very strong team’ is ‘capably led’ by ‘calm and cool-headed strategic thinkerAnthony Williams, who is ‘a first-rate advocate and has an outstanding reputation’ on the island, according to one client. Supported by counsel Richard Sheldon and associate Camilla Cook, Williams led the advice to an individual with regard to his application for Hastings-Bass relief against the trustee of his offshore retirement annuity trust, and the firm was instructed by a financial institution as the trustee in a trust dispute with its settlor pertaining to unexpected tax charges following the transfer of funds into the structure. On the regulatory side, the group continues to advise Blenheim on the enforcement actions filed against it by the GFSC arising from a fraud by one of its former directors. Alison MacKrill recently arrived from Carey Olsen with senior associate Paula Fry to bolster the practice.

Leading individuals

Anthony Williams - Appleby

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Employment
Employment - ranked: tier 3

Appleby

Counsel Richard Sheldon ‘uses his experience and judgement well’ to lead Appleby’s employment offering across the Channel Islands. The Guernsey team advises many of the island’s financial institutions on the employment issues arising out of restructurings, regulatory changes and senior executive moves. Dispute resolution head Anthony Williams is currently leading the advice to a client with regard to the review and reform of its collective bargaining structures, which could include de-recognising one of its trade unions. In other highlights, Sheldon teamed up with the corporate department to handle the employment issues relating to Estera’s acquisition of Heritage. On the contentious side, the group was instructed to oversee an independent investigation into the chief compliance officer of a fiduciary company in light of allegations that he had sought to suppress information from the board and the regulator. Other notable clients include Sanne, HSBC and Barclays.

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Insurance
Insurance - ranked: tier 2

Appleby

The ‘extremely good’ Kate Storey is the name to note in Appleby’s insurance offering. She recently advised a Marsh & McLennan pension fund on its longevity hedge of £3.4bn in liabilities, and acted as Guernsey and Jersey counsel to Aviva with regard to a series of intra-group transfers of long-term insurance business to maximise capital efficiency. Further highlights include the IPO and listing on AIM of a Guernsey holding company of two licensed insurers and other non-Guernsey insurance companies on behalf of GBGI, and assisting Scottish Widows with the sale of an Isle of Man law-governed long-term insurance business to RL360. Clients also instruct the team to provide regulatory advice with regard to changes of control and the promotion of insurance-linked securities in Guernsey, as well as issues pertaining to collateral requirements. Other notable clients include Aon, Nomura and Deutsche Bank.

Leading individuals

Kate Storey - Appleby

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Investment funds
Investment funds - ranked: tier 3

Appleby

Appleby is ‘responsive and provides rigorous, commercially focused and user-friendly advice’ to an enviable client roster, including Blackstone, Wells Fargo and Brooks Macdonald. The funds team recently handled the final closing of a Guernsey closed-ended fund on behalf of a specialist in secondary acquisitions of shares in Nordic buyout funds, and the ‘cool-headed’ Kate Storey acted as listing sponsor and Guernsey counsel to Valtez with respect to the listing of intra-group debt through its ‘club deal’ fund structure. Recent highlights also include a number of fund financing transactions. Also notable are counsel Camilla Hobbs and associate Nicole Sorbie, who were part of the team advising a corporate services provider on the amendment of certain carried interest vehicle limited partnership agreements and general updates to the group’s operating structure.

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Private client, trusts and tax
Private client, trusts and tax - ranked: tier 3

Appleby

At Appleby, ‘staff are professional and knowledgeable’; the dedicated private client offering consists of Alison MacKrill and senior associate Paula Fry, who recently joined from Carey Olsen. The group was recently appointed as Guernsey counsel by a fiduciary entity with regard to the transfer of trusteeship of ten settlements. Anthony Williams continues to represent the beneficiary and claimant in a significant longstanding dispute with a major wealth management company which refused to terminate the trust and distribute the funds, as requested by the claimant, so as not to breach local anti-money laundering laws. In other highlights, David Dorgan – who shares his time between Jersey and Guernsey – led the advice to a trust structure with regard to the substantial distribution of funds to the settlor, with specific attention paid to the protection of the trustee, and English counsel instructed Dorgan’s team to oversee the potential termination of a defined benefits scheme which raised novel questions relating to insolvent trusts.

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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
  • 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.
  • The Company Administration Regime in Guernsey

    Introduction 
  • Guernsey Image Rights Legislation

    The Image Rights (Bailiwick of Guernsey) Ordinance 2012 (the Ordinance) and The Image Rights (Bailiwick of Guernsey) Regulations, 2012
  • 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.
  • 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.
  • Friendly Rivalry? The Competition Laws of the Channel Islands

    • New Competition Law for Guernsey in force on 1 August 2012 • Jersey and Guernsey now both regulate the abuse of a dominant position, anti-competitive arrangements, and mergers and acquisitions • Key differences between the islands' competition laws • Overall, a pan-Channel Island approach to regulation
  • Channel Islands Stock Exchange (CISX) Rule Change Update

    Ogier Corporate Finance Limited (OCFL) is the market leader in providing listing agent services for the listing of securities on the Channel Islands Stock Exchange (CISX or the Exchange) having sponsored over 445 listings.
  • Channel Island Stock Exchange, LBG - Listing of Securities of Investment Funds

    The Channel Islands Stock Exchange, LBG (the Exchange or CISX) commenced operations on 27 October 1998 and is intended to provide recognised facilities for the listing and trading of securities issued by companies and investment funds.
  • Investment funds in Guernsey

    The investment funds industry in Guernsey has achieved significant growth in recent years. Statistics show that as at 30 June 2011 there was £274.5 billion of assets under management in Guernsey.
  • Guernsey Companies Law - Office of the Registrar of Companies

    This memorandum has been prepared for the assistance of our clients in connection with the provisions relevant to the Office of the Registrar of Companies under the Companies (Guernsey) Law, 2008 (as amended) (the “Companies Law”).