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).

Every Massachusetts homeowner should be aware of the opportunities that are available for protecting the equity in the family home. A recent bankruptcy case, In re: Nealon, reminds us of one such opportunity – the Massachusetts homestead exemption — and its power to stave off creditors, especially when the homeowner takes the simple steps necessary to maximize the amount entitled to protection.

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

Last week, the United States Court of Appeals for the Sixth Circuit issued a decision in the case of Cyber Solutions International LLC v. Pro Marketing Sales, Inc. Although the decision blazes no new legal territory, the facts of the case and rulings offer important lessons for both lenders and licensees.

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

The Nutter Bank Report is a monthly electronic publication of the firm’s Banking and Financial Services Group and contains regulatory and legal updates with expert commentary from our banking attorneys.