Jersey independent law firm, Lexstone Lawyers, has advised in connection with the full management buy-out of Brenwal Limited. The Lexstone team led by Howard O’Toole advised on all corporate aspects of the transaction. Howard said, “It was fantastic to work alongside members of the management team at Brenwal for the past few months. Understanding the company’s long-term objectives together with detailed preparation and planning were key to a successful completion. It’s an exciting time for the new owners and we wish them a very successful and rewarding future”.

 Lexstone Lawyers is thrilled to announce the strengthening of its property practice with the full-time appointments of Advocate Peter Bertram and Shaun O’Connor. 

Peter began his career in Jersey property law in 1980 with Le Masurier, Gifford & Poch, which merged with Ogier & Le Cornu in 1995 (now Ogier). He retired as a partner of Ogier in 2013. Following a stint in the UK, Peter returned to Jersey and has since provided consultancy work for various local law firms. Peter joined Lexstone as a consultant in 2023. He now hopess to contribute to reforming the island’s property title registration system, which is under severe pressure due to a chronic lack of skilled and experienced conveyancing practitioners. 

Following the introduction in 2017 of the highly successful Jersey Private Fund (JPF) regime that provides fund promoters with a cost-effective, fast-tracked (48 hours) regulatory approval process for their private fund, that can be offered to up to 50 investors, further enhancements were introduced in July 2024 as part of Jersey’s constant and continuous effort to evolve its offering as a leading international finance centre.

Jersey based independent law firm Lexstone Lawyers acted for lending specialist Hawk Group in connection with its acquisition of local business Albion Lending.

The Lexstone team, led by senior consultant Howard O’Toole, acted closely with Hawk Group advising on all aspects of the acquisition. Howard said “We were delighted to assist Rob Morton and his team with such an important acquisition in what represents a key moment in the Group’s growth”.

BACKGROUND
The Proceeds of Crime (Jersey) Law 1999 (the “Proceeds of Crime Law”) sets out Jersey’s principal legislative requirements for the prevention and detection of money laundering, the countering of terrorist financing and the countering of proliferation financing (“AML/CFT/CPF”).

WHO IS A DIRECTOR?

Directors are agents of a company, to which they owe fiduciary duties in relation to the powers granted to them. Whether formally appointed or not, under the Companies (Jersey) Law 1991 (the “Law”), a director is defined as “a person occupying the position of director, by whatever name called”. This definition includes shadow directors, alternate directors, de facto directors and any other person carry out the duties of a director, and as such imposes upon them directors’ duties.

Introduction

On 19 May 2023, the treasury ministers of Jersey, Guernsey and the Isle of Man made a joint statement regarding an intended approach to the implementation of the Organisation for Economic Co-operation and Development (OECD) Pillar Two global minimum tax framework for large multinational groups. Each Crown Dependency intends to implement an income inclusion rule (i.e. “top-up” tax) and domestic minimum effective tax rate of 15% for in-scope entities from 2025. 

The test for disqualifying directors has been revisited In the Matter of the SPARC Group Limited (en désastre) [2022] JRC 194. The Royal Court has determined that a director’s conduct throughout an insolvency period, namely, through their co-operation with the Viscount, is a key consideration as to whether a director should be disqualified, and for how long. At a stroke, the judiciary has given the Viscount teeth.

Kindly note that this guide is intended to provide general guidance and does not represent Jersey legal advice.

Do not allow non-Jersey residents to determine or dictate the decisions of Jersey companies. They can advise, recommend, research and suggest, but it can be dangerous for the company’s tax health to do otherwise.

For further information, please contact your usual advisor at Lexstone Lawyers. We would be delighted to assist you.

On 22 November 2022, the European Court of Justice (ECJ) made a seminal ruling that open public access to the beneficial owner registers of EU member state companies is no longer valid, as it is in violation of articles 7 and 8 of the Charter of Fundamental Rights of the European Union (the Charter).

There is a strong implication for legislators in the Channel Islands. The ruling suggests the easing of pressure on Jersey and Guernsey to make beneficial ownership registers publicly open. The official response to this ruling by the States of Jersey and the States of Guernsey will follow early next year.

The Foundations (Jersey) Law 2009 is now more than a decade old. It came into force on 17 July 2009 (the “Foundation Law”). A Jersey foundation is a hybrid vehicle which blends interesting characteristics from both a company and a trust. As a company, it is an incorporated entity having its own legal personality, which means it can hold assets, transact and sue in its name.

A Jersey foundation is a highly modern and flexible vehicle which can have many different uses.

This guide will help you grasp the basic components of partnership law as of 1 December 2020.

For further information, please contact your usual advisor at Lexstone Lawyers. We would be delighted to assist you.

Kindly note that this guide is intended to provide general guidance and does not represent Jersey legal advice.

This guide will help you grasp the basic components of the Companies (Jersey) Law 1991 as of 1 December 2020.

For further information, please contact your usual advisor at Lexstone Lawyers. We would be delighted to assist you.

Kindly note that this guide is intended to provide general guidance and does not represent Jersey legal advice.

WHAT IS A TRUST?

A trust is a legally binding arrangement by which a person (the settlor) transfers his/her assets to another person (trustee), who is given a legal title to hold those assets for the benefit of a third person (beneficiary) or a specified purpose.

Instructions are given to the trustee from the settlor in the form of a trust instrument, ensuring that each of the respective parties understands their rights and duties and usually giving the trustee power to manage the trust assets. To determine further actions, such as making a distribution out of the trust, instruction from the settlor may be given to the trustee in the form of a letter of wishes.

Jersey law recognises trusts as valid and enforceable.

To ensure that Jersey maintains its status as a premier regulated international financial centre, the Government of Jersey has introduced new primary legislation and secondary.

The legislation will change the transparency of the corporate landscape forever.

On 6 January 2021, the Financial (Disclosure and Provision of Information) (Jersey) Law 2020 (the Disclosure Law) and specific related legislation came into force, namely the Financial Services (Disclosure and Provision of Information) (Jersey) Regulations 2020 and the Financial Services Disclosure and Provision of Information (Jersey) Order 2020.

IN THIS ARTICLE, WE EXPLORE: –
– Jersey property law
– Different types of property in Jersey
– The essential checklist for buying Jersey property
– The essential checklist for selling Jersey property
– First Time Buyer status
– Buying together
– Financing – taking security over the property
– What we do to help you in the sale or purchase of property
– Keywords and phrases

6 December 2018 saw the Government of Jersey pass the Draft Taxation (Companies – Economic Substance) (Jersey) Law 201- (the Substance Law). This not only changed the landscape for the 182 regulated trust company service providers but all Jersey resident tax companies (Resident Companies) as a whole. The Substance Law was sanctioned by Order of Her Majesty on 13 March 2019 and registered by the Royal Court of Jersey on 22 March 2019. By virtue of article 20 of the Substance Law, it came into law on 1 January 2019.

Over the last few decades, Jersey has established itself as a well regulated international finance centre for investment funds with a rich pool of fund administrators, banks and accountants.

At the end of June 2015, Jersey was reported to have £218.7 billion of assets under management. Jersey and Guernsey also have their own shared stock exchange owned by the Channel Islands Securities Exchange Limited.

The Jersey regulatory framework offers a rich range of investment funds (unregulated and regulated) for all types of investors. This wide range reflects the history of the Jersey funds industry dating back to the 1980s.

Whilst environmental legislation can be traced back for a few centuries, it was not until the mid-20^th century when a series of United Nations conferences led to the adoption of a set of environmental principles and concepts such as “sustainable development, precautionary principle, intergenerational equity, polluter pays, environmental impact assessments, public participation in the decision making process, access to information and liability and responsibility for any environmental damage”. Today, all of these principles and concepts form the basis of environmental law and are part of national laws, including Jersey.