The Royal Court of Guernsey has
sanctioned the first ever Scheme of Arrangement in the Island under
the new Companies Law.
Law firm Babbé acted on
behalf of Bramlin Limited (an AIM listed Guernsey company engaged
in oil and gas exploration) in its merger with Victoria Oil and Gas
plc.
The Babbé corporate team for
the transaction was led by Keith Bell, who said: "The recent
changes to the Companies Law in Guernsey have shown that, as a
jurisdiction, we can now provide a smoother and enhanced practical
service to our corporate client base.
"The well thought-out changes
to the new law have streamlined the takeover process, enabling us
to have very satisfied clients."
The law as to Schemes of Arrangement
allows a decision of 75% of members voting to bind all of the
members of a company to a restructuring once sanctioned by the
Court. The provisions can also be used to bind creditors.
