1 / FEBRUARY 2016 | Guernsey Insolvency Law Consultation BRITISH VIRGIN ISLANDS CAYMAN ISLANDS GUERNSEY JERSEY CAPE TOWN LONDON SINGAPORE CAREYOLSEN.COM FEBRUARY 2016 RESTRUCTURING & INSOLVENCY GUERNSEY INSOLVENCY LAW CONSULTATION 2 / FEBRUARY 2016 | Guernsey Insolvency Law Consultation INTRODUCTION On 11 February 2016, the Guernsey Commerce and Employment Department published a consultation response document to set out the proposals the Department is going to take forward for the reform of Guernsey’s personal and corporate insolvency laws (the Consultation Response).

A Carey Olsen regulatory team consisting of Guernsey partner Mark Dunster and associate Luke Sayer, have had a significant success for their client, a leading financial services business (the “Liquidator” or “Applicant”), by successfully making an application for the restoration of a Guernsey company – previously a property holding company (the “Company”) - pursuant to the Companies (Guernsey) Law, 2008, as amended (the “Companies Law”).

THE ISSUE

On January 1, 2016, the Uniform Voidable Transactions Act (UVTA) was enacted in Kentucky and can be found at KRS 378A.005 e seq.  The UVTA replaces KRS 378, which contained KRS 378.010, the Kentucky fraudulent conveyance statute, and KRS 378.060, the Kentucky preference statute.  Nationally, the UVTA will replace the Uniform Fraudulent Transfer Act (“UFTA”).  According to the Conference of Commissioners on Uniform State Laws, California, Georgia, Idaho, Minnesota, New Mexico, North Carolina, and North Dakota have joined Kentucky in enacting the UVTA. 

INTRODUCTION

The Royal Court of Guernsey has taken the welcome step of dedicating specific court time to company and insolvency matters.

THE PRACTICE DIRECTION

In an important judgment published last week, the Royal Court of Jersey has provided guidance to trustees and other holders of fiduciary powers in relation to the exercise of powers when a trust is considered to be “insolvent”. Counsel in the case was unable to find any relevant authority on this subject in any other trusts jurisdiction, so this may well be one of the first cases to deal with this issue.

british virgin islands cayman islands guernsey jersey cape town london www.careyolsen.com 1 bvi litigation & insolvency client update - SEPTEMBER 2015 Dispute Resolution & Litigation | Restructuring & Insolvency British Virgin Islands Welcome to our September BVI litigation and insolvency bulletin, co-authored by Ben Mays, Andrew Chissick and Jevaughn Rhymer. This edition of the bulletin contains reports on four recent cases: • Privy Council authority concerning a contested, Court-run auction of a property arising in the liquidation of a well-known luxury Caribbean resort.

The Royal Court of Guernsey has issued a Practice Direction pertaining to the information required when applying for the appointment of an administrator or liquidator in Guernsey.

The Practice Direction

INTRODUCTION

Much has been written of late about data breaches and the liabilities for the unauthorized acquisition of Personally Identifiable Information (PII) from institutions, including financial institutions. But what about when the alleged “breach”--the release of information --is voluntarily and/or legally compelled? What are the risks for creditors who take collateral, in security for the repayment of debt, containing PII data? What are the risks to businesses when they transfer assets that include PII? What liabilities do they face? What are the rights of customers?

Much has been written of late about data breaches and the liabilities for the unauthorized acquisition of Personally Identifiable Information (PII) from institutions. But what about when the alleged “breach”--the release of information --is voluntarily and/or legally compelled? What are the risks to businesses when they sell assets that include PII? What liabilities do they face? What are the rights of customers?

Radio Shack – The pioneer of PII data collection