Jersey updates

Insolvency & Restructuring

Cross-border insolvency and restructuring
Ogier
  • Jersey
  • 03 August 2018

As a jurisdiction, Jersey is at the heart of cross-border insolvency and restructuring. Inevitably, situations arise where insolvent companies' assets or important evidence are located overseas, or an overseas liquidation regime would be best for creditors. Conversely, there will be situations where a foreign insolvency process requires steps to be taken in Jersey.


Litigation

Slowly getting to grips with unjust enrichment and Jersey's legal 'hot potatoes'
  • Jersey
  • 14 January 2020

A long-running Jersey fraud case illustrates the difficult task that the Channel Island courts sometimes have in comparing and distinguishing between developed principles of English law and foundational elements of the islands' customary law. The case tackles two Jersey law 'hot potatoes': the question of the rights between wrongdoers to claim an indemnity or contribution outside the scope of the limited statutory scheme between joint tortfeasors and the extent and nature of the doctrine of unjust enrichment under Jersey law.

Z Trusts judgment: whose rights take priority when a trust is insolvent?
  • Jersey
  • 13 August 2019

The Jersey Court of Appeal recently handed down a long-awaited judgment in the Z Trusts case. The decision considers important questions regarding the equitable rights of former trustees and whether those rights have priority over the rights of other claimants to the assets of a trust (including successor trustees) whose liabilities exceed its assets. As such, trustees must consider the practical implications of this judgment and whether and how they should be mitigated.

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.

Important changes to civil procedure
Ogier
  • Jersey
  • 14 August 2018

In Summer 2017 Jersey's Royal Court Rules were amended and 11 new practice directions came into force. These aim to improve access to justice, streamline the civil justice process and, where possible, reduce the risks and costs associated with litigation by encouraging the early resolution of cases to avoid court proceedings.


Private Client & Offshore Services

Contributed by Ogier
Enforcement of Security Interests (Jersey) Law 2012
  • Jersey
  • 16 January 2020

Under the Security Interests (Jersey) Law 1983, the powers of a secured party on enforcement were limited to a power of sale. The Security Interests (Jersey) Law 2012 changed the way in which security is created over intangible movables and introduced a wider range of enforcement powers. This article examines the enforcement of security interests in the event of default.

Slowly getting to grips with unjust enrichment and Jersey's legal 'hot potatoes'
  • Jersey
  • 09 January 2020

A long-running Jersey fraud case illustrates the difficult task that the Channel Island courts sometimes have in comparing and distinguishing between developed principles of English law and foundational elements of the islands' customary law. The case tackles two Jersey law 'hot potatoes': the question of the rights between wrongdoers to claim an indemnity or contribution outside the scope of the limited statutory scheme between joint tortfeasors and the extent and nature of the doctrine of unjust enrichment under Jersey law.

Family offices and Jersey's economic substance rules
  • Jersey
  • 05 December 2019

The Taxation (Companies – Economic Substance) (Jersey) Law 2019 came into effect in January 2019 and applies to certain Jersey tax-resident companies which conduct one or more relevant activities. Family office structures which include Jersey tax-resident companies must consider whether those companies fall within the scope of the law. If they do, they must satisfy the three-stage test set out in the law or face a number of progressively punitive penalties.

Family matters: why the world's wealthiest are setting up family offices in Jersey
  • Jersey
  • 07 November 2019

Wealth is increasing exponentially among some of the world's richest families to the extent that, for many of these families, it makes commercial sense to set up their own bespoke family office to look after their key operations – and they are increasingly looking to Jersey as the place to do it. There are a range of factors as to why Jersey is becoming a jurisdiction of choice for families across the world looking to set up such an operation, including global economic shifts and Jersey's expertise and personnel.

Z Trusts judgment: whose rights take priority when a trust is insolvent?
  • Jersey
  • 08 August 2019

The Jersey Court of Appeal recently handed down a long-awaited judgment in the Z Trusts case. The decision considers important questions regarding the equitable rights of former trustees and whether those rights have priority over the rights of other claimants to the assets of a trust (including successor trustees) whose liabilities exceed its assets. As such, trustees must consider the practical implications of this judgment and whether and how they should be mitigated.


White Collar Crime

Reform of civil forfeiture orders
Ogier
  • Jersey
  • 06 August 2018

MONEYVAL's 2015 inspection of Jersey's anti-money laundering regime and its subsequent report issued in May 2016 encouraged Jersey legislators and regulators to actively prosecute more financial crime and, in particular, introduce a non-conviction-based confiscation regime to apply in parallel with the conviction-based system. The Draft Forfeiture of Assets (Civil Proceedings) Jersey Law is a paradigm shift in regulatory approach to achieve the objectives set by MONEYVAL.