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Guernsey funds legal and regulatory update

An overview of Guernsey legislative and regulatory developments for the period 1 December 2022 to 28 February 2023 inclusive.

1 Corporate insolvency regime – update

The Companies (Guernsey) Law, 2008 (Insolvency) (Amendment) Ordinance, 2020 (the Amendment Ordinance) finally came into force on 1 January 2023.

Guernsey, Capital Markets, Company & Commercial, Insolvency & Restructuring, IT & Data Protection, Litigation, White Collar Crime, Mourant, Anti-money laundering, Confidential information, Suspicious activity reporting, European Court of Justice
Just “Released” by the Third Circuit: In re Millennium Lab Holdings II Key Takeaways

In a highly anticipated decision issued last Thursday (on December 19, 2019), the United States Court of Appeals for the Third Circuit held in In re Millennium Lab Holdings II, LLC that a bankruptcy court may constitutionally confirm a chapter 11 plan of reorganization that contains nonconsensual third-party releases. The court considered whether, pursuant to the United States Supreme Court’s decision in Stern v. Marshall, 564 U.S. 462 (2011), Article III of the United States Constitution prohibits a bankruptcy court from granting such releases.

USA, Insolvency & Restructuring, Litigation, Weil Gotshal & Manges LLP, United States bankruptcy court