Mr Damian Evans

Damian Evans

Updates

Insolvency & Restructuring

Recognition of UK insolvency practitioners in Jersey
Jersey | 11 September 2020

In the current COVID-19 environment, more businesses will likely become insolvent, some of which will have an interest in Jersey property. Insolvency practitioners appointed outside Jersey in respect of an overseas person or company (or Jersey company subject to English insolvency proceedings) must be recognised in Jersey before they can deal with certain forms of Jersey property. This is because Jersey immoveable property can be transacted only by passing a contract before the Royal Court.

COVID-19: restructuring and corporate recovery measures
Jersey | 05 June 2020

Most employees in the Jersey financial services industry are working from home and there has been no interruption to business continuity for the sector due to the COVID-19 crisis. Further, the Jersey Financial Services Commission has confirmed that while its physical premises are closed, a flexible business continuity strategy is being implemented. This article sets out potential insolvency reforms which may be implemented in the financial services sector with respect to local, regulated and international business.

Litigation

Rusnano Capital AG decision
Guernsey | 31 March 2020

In a recent case, the Guernsey Court of Appeal upheld the deputy bailiff's interpretation of Section 53(3) of the Trusts (Guernsey) Law 2007 that a sole beneficiary can use that section of the law to terminate a discretionary trust even if the trust instrument contains a power to add further beneficiaries.

Jersey Royal Court rules on its powers to restrict parties that withdraw trust proceedings to start afresh
Jersey | 06 August 2019

The Jersey Royal Court recently ruled on the extent of its powers to restrict a party that withdraws proceedings to start afresh in a judgment that considered, for the first time, the implications of a 2014 English Court of Appeal decision on the public interest in there being finality in litigation. This is an important decision for maintaining the public interest in the finality of litigation and the efficient administration of justice.

Private Client & Offshore Services

Recognition of UK insolvency practitioners in Jersey
Jersey | 10 September 2020

In the current COVID-19 environment, more businesses will likely become insolvent, some of which will have an interest in Jersey property. Insolvency practitioners appointed outside Jersey in respect of an overseas person or company (or Jersey company subject to English insolvency proceedings) must be recognised in Jersey before they can deal with certain forms of Jersey property. This is because Jersey immoveable property can be transacted only by passing a contract before the Royal Court.

COVID-19: restructuring and corporate recovery measures
Jersey | 04 June 2020

Most employees in the Jersey financial services industry are working from home and there has been no interruption to business continuity for the sector due to the COVID-19 crisis. Further, the Jersey Financial Services Commission has confirmed that while its physical premises are closed, a flexible business continuity strategy is being implemented. This article sets out potential insolvency reforms which may be implemented in the financial services sector with respect to local, regulated and international business.

Rusnano Capital AG decision
Guernsey | 26 March 2020

In a recent case, the Guernsey Court of Appeal upheld the deputy bailiff's interpretation of Section 53(3) of the Trusts (Guernsey) Law 2007 that a sole beneficiary can use that section of the law to terminate a discretionary trust even if the trust instrument contains a power to add further beneficiaries.

Jersey Royal Court declares trustee's exercise of power void
Jersey | 30 January 2020

The Royal Court recently declared void certain actions of a trustee by which the assets of two Jersey law trusts had been transferred into a circular ownerless corporate structure, terminating the trusts. This case highlights the need for trustees to obtain detailed legal and tax advice when considering a restructuring of assets held in trust and is a helpful reminder that a trustee's duty to account is at the heart of the trustee-beneficiary relationship.

Jersey Royal Court rules on its powers to restrict parties that withdraw trust proceedings to start afresh
Jersey | 01 August 2019

The Jersey Royal Court recently ruled on the extent of its powers to restrict a party that withdraws proceedings to start afresh in a judgment that considered, for the first time, the implications of a 2014 English Court of Appeal decision on the public interest in there being finality in litigation. This is an important decision for maintaining the public interest in the finality of litigation and the efficient administration of justice.

Don't delay – Jersey's Royal Court rules that time is a factor when deciding whether to exercise its discretion on grounds of mistake
Jersey | 09 May 2019

A recent Royal Court judgment has indicated that delays in bringing an application to set aside a transfer of property to a Jersey trust due to mistake will be considered by the court when exercising its discretion as to whether to grant relief. In particular, this decision clarifies that delay is a factor that the court will consider when determining whether the mistake is of so serious a character as to render it just to make a declaration setting aside a disposition into trust.