Ogier updates

Grand Court strikes out creditor's winding-up petition and comments on relationship with arbitration clauses
Ogier
  • Insolvency & Restructuring
  • Cayman Islands
  • 11 June 2021

The Grand Court recently struck out a winding-up petition presented against Grand State Investments Limited by a shareholder claiming a debt on the ground that the alleged debt was disputed on bona fide and substantial grounds. In addition, the court went on to hold that, had the petition not been struck out, it would have been stayed anyway in favour of arbitration.

Snapshot: appealing civil judgments
Ogier
  • Private Client & Offshore Services
  • Guernsey
  • 10 June 2021

This article outlines the process and grounds upon which an appeal can be made in respect of a civil judgment by the Royal Court. It also mentions recent developments in appealing judgments of the Court of Appeal to the Judicial Committee of the Privy Council.

I don't need a will – do I?
Ogier
  • Private Client & Offshore Services
  • Jersey
  • 10 June 2021

Whether an individual needs a will really depends on whether they are happy for their estate to pass in accordance with the law or in accordance with their own wishes – which may differ significantly. Jersey succession law, which determines how an individual's assets pass on their death and whether their will is valid, is unusual and interesting. It is a complex mix of influences from English common law and French civil law.

Grand Court strikes out creditor's winding-up petition and comments on relationship with arbitration clauses
Ogier
  • Private Client & Offshore Services
  • Cayman Islands
  • 10 June 2021

The Grand Court recently struck out a winding-up petition presented against Grand State Investments Limited by a shareholder claiming a debt on the ground that the alleged debt was disputed on bona fide and substantial grounds. In addition, the court went on to hold that, had the petition not been struck out, it would have been stayed anyway in favour of arbitration.

Snapshot: Jersey private funds in demand for private equity and venture capital
Ogier
  • Corporate Finance/M&A
  • Jersey
  • 09 June 2021

Statistics released by the Jersey Financial Services Commission, as at 31 December 2020, support the trend seen over the past year – that of the continued popularity of the Jersey private fund product alongside the growth of the private equity and venture capital asset classes. For those engaged in the domicile debate and wondering 'why Jersey?', this article sets out some of the key considerations to bear in mind.

Frozen in time: do limitation periods apply to claims against Cayman companies in liquidation?
Ogier
  • Litigation
  • Cayman Islands
  • 08 June 2021

Previously, it was generally understood that the Cayman approach to claims against companies in liquidation followed the English position on the issue of limitation – that is, the limitation period ceased to run once the company went into liquidation, with some exceptions. However, the Grand Court recently challenged this assumption and reinterpreted the principles from the English authorities on this important point.

What to know about recent changes to Companies (Guernsey) Law 2008
Ogier
  • Corporate & Commercial
  • Guernsey
  • 07 June 2021

The Companies (Guernsey) Law 2008 (Miscellaneous Amendment) Ordinance 2020 recently came into force, amending the Companies (Guernsey) Law 2008. The changes are set to improve the administration process for Guernsey companies and have been welcomed by the industry. This article examines some of the key changes.

Frozen in time: do limitation periods apply to claims against Cayman companies in liquidation?
Ogier
  • Insolvency & Restructuring
  • Cayman Islands
  • 04 June 2021

Previously, it was generally understood that the Cayman approach to claims against companies in liquidation followed the English position on the issue of limitation – that is, the limitation period ceased to run once the company went into liquidation, with some exceptions. However, the Grand Court recently challenged this assumption and reinterpreted the principles from the English authorities on this important point.

Frozen in time: do limitation periods apply to claims against Cayman companies in liquidation?
Ogier
  • Private Client & Offshore Services
  • Cayman Islands
  • 03 June 2021

Previously, it was generally understood that the Cayman approach to claims against companies in liquidation followed the English position on the issue of limitation – that is, the limitation period ceased to run once the company went into liquidation, with some exceptions. However, the Grand Court recently challenged this assumption and reinterpreted the principles from the English authorities on this important point.

Snapshot: Jersey private funds in demand for private equity and venture capital
Ogier
  • Private Client & Offshore Services
  • Jersey
  • 03 June 2021

Statistics released by the Jersey Financial Services Commission, as at 31 December 2020, support the trend seen over the past year – that of the continued popularity of the Jersey private fund product alongside the growth of the private equity and venture capital asset classes. For those engaged in the domicile debate and wondering 'why Jersey?', this article sets out some of the key considerations to bear in mind.

What to know about recent changes to Companies (Guernsey) Law 2008
Ogier
  • Private Client & Offshore Services
  • Guernsey
  • 03 June 2021

The Companies (Guernsey) Law 2008 (Miscellaneous Amendment) Ordinance 2020 recently came into force, amending the Companies (Guernsey) Law 2008. The changes are set to improve the administration process for Guernsey companies and have been welcomed by the industry. This article examines some of the key changes.

Approach to interest and costs in Section 238 proceedings confirmed
Ogier
  • Litigation
  • Cayman Islands
  • 01 June 2021

The Grand Court recently confirmed and clarified how interest on awards in Section 238 proceedings is to be calculated and how the costs of such proceedings are to be determined. The judgment, which will be welcomed by dissenting shareholders, clarifies that the midpoint approach is the correct methodology for determining the fair rate of interest payable in Section 238 proceedings. However, the precise midpoint will always be fact specific and is likely to be the subject of expert evidence in most cases.

Individual accountability: expectations of senior management in JFSC-regulated firms
Ogier
  • Banking & Financial Services
  • Jersey
  • 01 June 2021

Internationally, there has been an increasing focus by regulators on promoting individual accountability within financial services businesses, and it is reasonable to assume that the Jersey Financial Services Commission (JFSC) will take a similar approach. It is therefore important that senior management of regulated firms ensure that they understand what is expected of them and are alive to the (potentially serious) risks to which they are exposed if they fail to meet the JFSC's high standards.

Individual accountability: expectations of senior management in JFSC-regulated firms
Ogier
  • Private Client & Offshore Services
  • Jersey
  • 27 May 2021

Internationally, there has been an increasing focus by regulators on promoting individual accountability within financial services businesses, and it is reasonable to assume that the Jersey Financial Services Commission (JFSC) will take a similar approach. It is therefore important that senior management of regulated firms ensure that they understand what is expected of them and are alive to the (potentially serious) risks to which they are exposed if they fail to meet the JFSC's high standards.

Approach to interest and costs in Section 238 proceedings confirmed
Ogier
  • Private Client & Offshore Services
  • Cayman Islands
  • 27 May 2021

The Grand Court recently confirmed and clarified how interest on awards in Section 238 proceedings is to be calculated and how the costs of such proceedings are to be determined. The judgment, which will be welcomed by dissenting shareholders, clarifies that the midpoint approach is the correct methodology for determining the fair rate of interest payable in Section 238 proceedings. However, the precise midpoint will always be fact specific and is likely to be the subject of expert evidence in most cases.

Deadline extended for first filing of audited accounts and associated FAR form by private funds
Ogier
  • Corporate Finance/M&A
  • Cayman Islands
  • 26 May 2021

The Cayman Islands Monetary Authority recently issued an industry notice regarding fund annual return (FAR) filings for private funds registered under the Private Funds Act (Revised) (private funds). The notice confirms that the deadline for the first filing of audited accounts and the associated FAR form by all private funds has been extended to 30 September 2021.

Quick guide to new Private Investment Fund Rules
Ogier
  • Corporate Finance/M&A
  • Guernsey
  • 26 May 2021

The Guernsey Financial Services Commission has added two new ways to register a private investment fund (PIF) in Guernsey. A public consultation process showed that there was strong support for a PIF model without the attached Protection of Investors (POI) Law 1987 manager, allowing the industry more flexibility while maintaining protection for investors. Unlike the traditional way of registering a PIF, the two additional routes do not require the PIF to have a manager licensed under the POI Law.

Identifying and managing conflicts of interest: guidance for JFSC-regulated companies
Ogier
  • Banking & Financial Services
  • Jersey
  • 25 May 2021

Ensuring that regulated firms identify and manage conflicts of interest appropriately is a matter of constant focus for regulators, which makes sense given its central importance to the fair treatment of clients and as it speaks to the firms' integrity. Nonetheless, firms would be forgiven for thinking that they have limited guidance as to what is expected of them when identifying and managing conflicts of interest.

Quick guide to new Private Investment Fund Rules
Ogier
  • Private Client & Offshore Services
  • Guernsey
  • 20 May 2021

The Guernsey Financial Services Commission has added two new ways to register a private investment fund (PIF) in Guernsey. A public consultation process showed that there was strong support for a PIF model without the attached Protection of Investors (POI) Law 1987 manager, allowing the industry more flexibility while maintaining protection for investors. Unlike the traditional way of registering a PIF, the two additional routes do not require the PIF to have a manager licensed under the POI Law.

Identifying and managing conflicts of interest: guidance for JFSC-regulated companies
Ogier
  • Private Client & Offshore Services
  • Jersey
  • 20 May 2021

Ensuring that regulated firms identify and manage conflicts of interest appropriately is a matter of constant focus for regulators, which makes sense given its central importance to the fair treatment of clients and as it speaks to the firms' integrity. Nonetheless, firms would be forgiven for thinking that they have limited guidance as to what is expected of them when identifying and managing conflicts of interest.