Mr Bryan De Verneuil-Smith

Bryan De Verneuil-Smith

Updates

Banking & Financial Services

The Carlyle case – the final chapter
Guernsey | 09 March 2021

The long-running Carlyle case recently came to an end when the parties reached a non-confidential settlement. The case arose from the March 2008 collapse of Carlyle Capital Corporation Ltd, a Guernsey fund which invested mainly in residential mortgage-backed securities issued by US government-sponsored entities Fannie Mae and Freddie Mac. The case is of particular relevance now during the COVID-19 pandemic, which will likely lead to more fund collapses.

Litigation

The Carlyle case – the final chapter
Guernsey | 09 March 2021

The long-running Carlyle case recently came to an end when the parties reached a non-confidential settlement. The case arose from the March 2008 collapse of Carlyle Capital Corporation Ltd, a Guernsey fund which invested mainly in residential mortgage-backed securities issued by US government-sponsored entities Fannie Mae and Freddie Mac. The case is of particular relevance now during the COVID-19 pandemic, which will likely lead to more fund collapses.

Snapshot: pre-action disclosure
Guernsey | 16 February 2021

Unlike in England, pre-trial disclosure against a third party is generally not available in Guernsey. However, there are exceptions to this rule. This article sets out the main exceptions – namely, claims for personal injury or in respect of a person's death, ancillary orders to freezing injunctions, Anton Piller orders, Norwich Pharmacal orders and Bankers Trust orders.

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.

Private Client & Offshore Services

The Carlyle case – the final chapter
Guernsey | 04 March 2021

The long-running Carlyle case recently came to an end when the parties reached a non-confidential settlement. The case arose from the March 2008 collapse of Carlyle Capital Corporation Ltd, a Guernsey fund which invested mainly in residential mortgage-backed securities issued by US government-sponsored entities Fannie Mae and Freddie Mac. The case is of particular relevance now during the COVID-19 pandemic, which will likely lead to more fund collapses.

Snapshot: pre-action disclosure
Guernsey | 11 February 2021

Unlike in England, pre-trial disclosure against a third party is generally not available in Guernsey. However, there are exceptions to this rule. This article sets out the main exceptions - namely, claims for personal injury or in respect of a person's death, ancillary orders to freezing injunctions, Anton Piller orders, Norwich Pharmacal orders and Bankers Trust orders.

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.