Ogier updates
Enforcement under Security Interests (Jersey) Law 2012
Ogier- Private Client & Offshore Services
- Jersey
- 26 November 2020
The Security Interests (Jersey) Law (SIJL) 2012 came into force on 2 January 2014, changing the way in which security is created, perfected and enforced over Jersey intangible movable property. This article deals with the enforcement of security interests under the SIJL 2012.
DITC Portal update
Ogier- Private Client & Offshore Services
- Cayman Islands
- 26 November 2020
The new Department for International Tax Cooperation (DITC) Portal launched in early November 2020. The DITC has also issued an advisory setting out details of a phased opening of the DITC Portal, confirming that it will initially be available for Common Reporting Standard and US Foreign Account Tax Compliance Act purposes, with functionality for economic substance and country-by-country reporting being launched in subsequent phases.
Lockdown fails to dampen buoyant property market
Ogier- Private Client & Offshore Services
- Jersey
- 19 November 2020
The start of lockdown initiated a significant slowdown in the property market in early Spring 2020. Reassuringly, as Jersey came out of lockdown, there was an exponential increase in property transactions, which peaked in August 2020. If the rapid resurgence of the market seen in the summer is anything to go by, any reduction in transactions over the winter months which is beyond the seasonal norm may lead to a similar increase in activity and competition next spring.
Snapshot: determining whether a petition debt is disputed on substantial grounds
Ogier- Private Client & Offshore Services
- Cayman Islands
- 19 November 2020
It is trite law that where a petition debt is disputed in good faith and on substantial grounds, the Grant Court's ordinary practice is to dismiss or strike out the winding-up petition. However, this principle is more easily applied in theory than in practice, resulting in a remarkable amount of case law. That body of case law has been swelled in 2020 by a number of Grand Court decisions which provide further guidance as to whether a petition debt is to be considered genuinely disputed on substantial grounds.
COVID-19 and residential tenancies: where are we now?
Ogier- Private Client & Offshore Services
- Jersey
- 12 November 2020
The States of Jersey enacted the COVID-19 (Residential Tenancy) (Temporary Amendment of Law) (Jersey) Regulations 2020 in an attempt to address the impact of the COVID-19 outbreak. The regulations temporarily amended certain provisions of the Residential Tenancy (Jersey) Law 2011, applying to all residential tenancies with effect from 10 April 2020, and remained in force until 30 September 2020. As of this date, landlords and tenants must manage leases in the normal way under the law.
Expanded powers for Employment and Discrimination Tribunal
Ogier- Private Client & Offshore Services
- Guernsey
- 12 November 2020
The Employment and Tribunal (Guernsey) Order 2020 enhances the tribunal's powers to dismiss or strike out complaints without merit. This is fantastic news for both employers and employees with valid defences or claims facing unnecessarily difficult opponents. The tribunal's powers are now significantly increased to be able to dismiss unmeritorious claims at the outset and bring cases to an end at any stage of proceedings where the conduct of either side becomes unacceptable.
Termination of Cayman vehicles – advance planning to minimise 2021 fees
Ogier- Private Client & Offshore Services
- Cayman Islands
- 12 November 2020
Cayman Islands vehicles which are considering termination may wish to initiate the process now to minimise or eliminate 2021 annual fees. Terminating entities that are registered with the Cayman Islands Monetary Authority (CIMA) as mutual or private funds can also save on 2021 annual fees due to CIMA, other regulatory filing fees and obligations and the risk of incurring an administrative fine if they move quickly.
Funds update: Q3 2020
Ogier- Private Client & Offshore Services
- Cayman Islands
- 05 November 2020
Over the past quarter, the Cayman Islands enacted a number of changes to laws and regulations which affect, or will affect, Cayman funds. This article is intended as a handy reference guide with respect to the recent changes and updates, including the removal of the Cayman Islands from the EU tax list, the changes to the Anti-Money Laundering Regulations (2020 Revision) and the transition to a new portal for registration and reporting purposes.
Data protection registration from January 2021
Ogier- Private Client & Offshore Services
- Guernsey
- 05 November 2020
From January 2021, the Office of the Data Protection Authority (ODPA) will introduce a new registration and levy regime which has been approved by the States of Guernsey. This new regime requires all entities which process personal data, including local organisations, businesses and sole-traders established in the Bailiwick of Guernsey, to register with the ODPA. The new fees regime will allow the ODPA to move towards self-funding status, giving it full financial independence from the States of Guernsey.
Private equity – acquisition structures
Ogier- Private Client & Offshore Services
- Jersey
- 05 November 2020
Complex tax, accounting and employment matters are among those which drive the choice of acquisition structure for private equity-funded transactions. Two common types of private equity acquisition transaction are the leveraged buy-out (LBO) and the management buy-out (MBO). Where an LBO or MBO transaction involves a domestic or international business with a UK-domiciled management team, Jersey acquisition structures have gained traction with UK private equity advisers for numerous reasons.
Guernsey ticks right boxes to attract increasing private equity investment from United States
Ogier- Private Client & Offshore Services
- Guernsey
- 29 October 2020
Guernsey ticks all the right boxes when it comes to private equity – both private and listed. Importantly, Guernsey's private equity regime is simple and established, with sensible proportionate regulation which recognises the sophistication of managers and their investors. Guernsey is the ideal gateway to the United Kingdom and the European Union for US managers who continue to make use of private placement regimes in all of the key markets.
Guide to restructuring and corporate recovery
Ogier- Private Client & Offshore Services
- Cayman Islands
- 29 October 2020
This article answers FAQs on restructuring and corporate recovery options available in the Cayman Islands, with respect to domestic procedures, cross-border procedures, creditors, avoidance transactions, contributions to liquidation estates and officer liability.
Financial Services (Disclosure and Provision of Information) (Jersey) Law 202-
Ogier- Private Client & Offshore Services
- Jersey
- 29 October 2020
This article looks at the government's introduction of new legislation in relation to beneficial ownership and controlling interests requirements. This new legislation, the Financial Services (Disclosure and Provision of Information) (Jersey) Law 202-, aims to implement in Jersey the requirements set out by the Financial Action Task Force, the intergovernmental body that sets standards for combating money laundering, terrorist financing and other related threats to the integrity of the international financial system.
Royal Court demonstrates its ability to assist in administration of foreign trusts
Ogier- Private Client & Offshore Services
- Jersey
- 22 October 2020
In a recent decision, the Royal Court considered – for the first time – whether it can exercise a foreign statutory power on the application of a trustee of a foreign trust. The court concluded that it can do so as a matter of principle and went on to exercise an English statutory power so as to permit the trustees of a trust governed by English law to self-deal. The judgment is a welcome one for trustees in two particular respects.
Guernsey companies – an overview
Ogier- Private Client & Offshore Services
- Guernsey
- 22 October 2020
The benefits of using a Guernsey company are extremely wide but generally include separate legal identity, limited liability for shareholders and ease of transfer of ownership. These features, coupled with a tax-neutral environment in Guernsey for most companies, enable Guernsey companies to be structured to meet a wide variety of business purposes – from commercial trading and joint ventures to investment holding vehicles.
Snapshot: bringing claims against Cayman entities subject to insolvency processes
Ogier- Private Client & Offshore Services
- Cayman Islands
- 22 October 2020
To ensure the orderly and collective resolution of a company's affairs, the Companies Law imposes a moratorium on commencing or proceeding with any suit, action or other proceedings against the company once liquidators are appointed by the court (including on a provisional basis). Once these officeholders are appointed, proceedings can be commenced or proceeded with against the company in question only with the leave of the Grand Court, subject to such terms as the court may impose.
Open dialogue needed to avoid COVID-19 construction disputes
Ogier- Private Client & Offshore Services
- Jersey
- 15 October 2020
The potential for disputes in construction projects has risen sharply with the performance and enforcement of contracts directly affected by COVID-19. An open and frank dialogue early on between the parties steered as a form of informal mediation or collaboration can quickly put an end to frustrations and disputes and lead the way for a successful, more cost-effective solution to any dispute that may arise.
Snapshot: recognition and enforcement of foreign judgments
Ogier- Private Client & Offshore Services
- Guernsey
- 15 October 2020
There are two routes for the enforcement of foreign judgments in Guernsey. The statutory method is available only for judgments from certain jurisdictions which can be registered in Guernsey following a specified statutory process. For all other countries, a judgment creditor must rely on common law principles to have a judgment recognised and thereafter enforced in Guernsey.
Q&A: earning residency through business investment
Ogier- Private Client & Offshore Services
- Cayman Islands
- 15 October 2020
The Cayman Islands has two residency by business investment programmes: the Certificate of Direct Investment and the Residency Certificate (Substantial Business Presence). This Q&A provides insight into each programme, including whether applicants can eventually apply for a Cayman passport, how many applicants typically apply for residency and the associated costs.
Accessible premises and disability discrimination
Ogier- Private Client & Offshore Services
- Jersey
- 08 October 2020
Jersey's discrimination legislation was recently extended so that businesses, service providers and those managing and letting premises must take reasonable steps to avoid disadvantaging people with disabilities in relation to the accessibility of their premises. This law change is for the benefit of employees, customers, clients and tenants, but it also means that businesses and premises will be more accessible to the thousands of people in Jersey who have a disability.
