Ogier updates

Court of Appeal finds that Norwich Pharmacal relief is available in aid of foreign proceedings
Ogier
  • Litigation
  • Cayman Islands
  • 22 June 2021

The Court of Appeal has found that the Cayman courts have jurisdiction to grant a Norwich Pharmacal order in support of potential proceedings before a foreign court, even where alternative statutory remedies may be available. The decision confirms a departure in Cayman law from the law in England and Wales, which is perhaps surprising in circumstances where the Norwich Pharmacal jurisdiction itself derives from a decision of the UK House of Lords.

Snapshot: enforcement against real property – saisie
Ogier
  • Real Estate
  • Guernsey
  • 18 June 2021

'Saisie' (ie, to seize) is a court-driven Guernsey customary law process governed by the Saisie Procedure (Simplification) (Bailiwick) Order 1952. It is a three-stage post-judgment process which enables creditors to enforce their rights against debtors' realty in Guernsey. The effect of saisie is to vest all of the debtor's realty in Guernsey in the name of the creditor. The entire proceedings can take six to 12 months and place certain burdens on the creditor who initiates them.

Economic substance requirements for Jersey partnerships
Ogier
  • Corporate Tax
  • Jersey
  • 18 June 2021

The Taxation (Partnerships - Economic Substance) (Jersey) Law 202- was recently lodged with the States Assembly and, if passed, is expected to come into effect from 1 July 2021 (with a six-month transition period for partnerships established before 1 July 2021). The existing economic substance legislation applies to companies which are tax resident in Jersey. The extension of the rules to partnerships is part of Jersey's ongoing political commitment to the EU Code of Conduct Group.

Snapshot: enforcement against real property – saisie
Ogier
  • Private Client & Offshore Services
  • Guernsey
  • 17 June 2021

'Saisie' (ie, to seize) is a court-driven Guernsey customary law process governed by the Saisie Procedure (Simplification) (Bailiwick) Order 1952. It is a three-stage post-judgment process which enables creditors to enforce their rights against debtors' realty in Guernsey. The effect of saisie is to vest all of the debtor's realty in Guernsey in the name of the creditor. The entire proceedings can take six to 12 months and place certain burdens on the creditor who initiates them.

Economic substance requirements for Jersey partnerships
Ogier
  • Private Client & Offshore Services
  • Jersey
  • 17 June 2021

The Taxation (Partnerships - Economic Substance) (Jersey) Law 202- was recently lodged with the States Assembly and, if passed, is expected to come into effect from 1 July 2021 (with a six-month transition period for partnerships established before 1 July 2021). The existing economic substance legislation applies to companies which are tax resident in Jersey. The extension of the rules to partnerships is part of Jersey's ongoing political commitment to the EU Code of Conduct Group.

Court of Appeal finds that Norwich Pharmacal relief is available in aid of foreign proceedings
Ogier
  • Private Client & Offshore Services
  • Cayman Islands
  • 17 June 2021

The Court of Appeal has found that the Cayman courts have jurisdiction to grant a Norwich Pharmacal order in support of potential proceedings before a foreign court, even where alternative statutory remedies may be available. The decision confirms a departure in Cayman law from the law in England and Wales, which is perhaps surprising in circumstances where the Norwich Pharmacal jurisdiction itself derives from a decision of the UK House of Lords.

Grand Court strikes out creditor's winding-up petition and comments on relationship with arbitration clauses
Ogier
  • Litigation
  • Cayman Islands
  • 15 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
  • Litigation
  • Guernsey
  • 15 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.

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.

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.

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.

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.

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.

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.

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.