Making a Will in Guernsey - the new legislation - May 2008
With the new Law Reform (Inheritance and Miscellaneous Provisions) (Guernsey) Law, 2006 effective from 7th May, 2008, now is an opportune time for clients to consider putting in place a Will or to be reviewing their existing Will. Every Guernsey resident needs to give some consideration to the new Law, not only because it impacts upon the inheritance of both realty and personalty, but also because of the reforms to existing legislation and, therefore, possibly to existing Wills. Principal amongst these reforms is the discrimination against illegitimate children, abolition of retrait lignager and the administration of inherited real property when ownership is uncertain. A fuller discussion of some of the changes can be found in an article in the library section of this website. Click here to view this article.
Babbe act for 7 of the 8 purchasers of GHA Partial Ownership homes April 2008
Our conveyancing team are pleased to have acted on behalf of 7 of the 8 purchasers of Guernsey Housing Association (GHA) homes at the new Victoria Avenue site. This follows on from acting for 6 of the purchasers at the GHA Roseville site. The GHA partial ownership scheme is new to Guernsey and is not a normal conveyance, but a purchase in a long-term lease. Babbe have been involved with the scheme from the outset.
The purpose of the scheme is to provide an opportunity for Guernsey residents to have some ownership in their home and allows them to purchase as little as a 40% interest, up to a maximum of 80%. The GHA are currently building new units that will become available in 2009 and Babbe continue to maintain a close relationship with them.
Zero-10 - A new tax regime for Guernsey - January 2008
With effect from 01 January 2008 Guernsey implemented fundamental changes to the method by which it collects its revenue. The main change is that Corporation Tax has been reduced to 0% (zero percent). Tax will, however, be collected when a distribution is made to a Guernsey resident shareholder. A fuller discussion of some changes can be found in an article in the library section of this website. Click here to view this article.
New Companies Law and Guernsey Companies Registry - January 2008
In January the States of Guernsey approved new legislation which should see the new Guernsey Companies Law in place by July. This will coincide with the opening of the new Guernsey Companies Registry resulting in a streamlined and more efficient incorporation process. A fuller discussion of some changes can be found in an article in the library section of this website. Click here to view this article.
New Guernsey AML Regulations in force 15 December 2007
On 15 December 2007 new measures designed to enhance the future of Guernsey as a well respected international financial centre come into force. Guernseys AML and CFT legislation is being enhanced and extended to cover all financial services businesses in Guernsey, including Guernsey-based branches and the offices of companies incorporated outside of Guernsey conducting financial services business in Guernsey. The Guernsey Financial Services Commission (GFSC) following the recommendations of FATF have amended and re-drafted their handbook - Financial Services Businesses on Countering Financial Crime and Terrorist Financing (known locally known as the Rainbow Book).
The enhanced rules and regulations focus upon providing a risk based approach for financial services businesses as to how they conduct their KYC standards and corporate governance in the future. More importantly, the rules and regulations now extend to cover a wider range of businesses than the previous regulations, namely:
Lending including the provision of consumer credits, mortgage credits, financing of commercial transactions and provision of loans against cheques;
Financial Leasing the operation of any money service business including value transmission services or, currency exchange and cheque cashing;
Facilitation or transmission of money through an informal money or value transfer system on network (to include any hawala systems);
The provision of financial guarantees or commitments;
Securities Trading on account of customers;
Participating and securities issues;
Money broking;
Provision of safe custody services;
Credit Unions;
Banking;
Insurance Business
2008 Chambers & Partners recommends Babbe November 2007
Babbe are celebrating another year of successful recommendations in the prestigious UK legal directory. Geoff Allez is placed in the top rank of Guernsey trust practitioners; Ian Swans appointment as head of litigation is seen as re-invigorating an already respected practice; Andrew Laws is recommended for his corporate and finance expertise; Iain Harris is specifically mentioned for his long-term experience at the Guernsey Bar. The arrival of new hire Stuart Tyler from Stephenson Harwood is cited as bolstering the corporate and finance team.
Chambers highlights some of the major commercial deals and leading cases in which Babbe have recently been involved, emphasising the firms broad range of commercial, corporate and financial services work.
Babbe secures landmark decision on Alderney land law - October 2007
In a landmark decision the Court of Alderney has awarded title of a plot of land by adverse possession. Babbe successfully acted on behalf of the Applicant who was seeking a declaration of ownership of the land and rectification of the Land Register following more than 20 years of occupation. Argument involved consideration of authorities dating back to the 14th century. The decision resolves the issue whether the customary law of adverse possession survived the introduction of a land registration system to Alderney in 1949.
2008 Legal 500 recommends Babbe September 2007
Babbe has been recommended in the latest Legal 500 directory of the top 500 law firms for its work in Commercial and Banking, Trusts, Dispute Resolution, Investment Funds, Commercial Property, Insurance and Employment.
Partners Ian Swan, Geoff Allez, Iain Harris, Simon Howitt and Piers Dereham have all received recommendations in their specialist areas for the second successive year, while the expertise of new hire Stuart Tyler has already made an impact and been recognised with recommendations in commercial and banking and investment funds despite having only been with Babbe since February. Partner Martyn Baudains is recognised for the first time in the commercial property section.
Declaration obtained by summary judgment against bank - September 2007
Babbe partner Ian Swan has successfully obtained declaratory relief by way of summary judgment on behalf of an overseas corporate client. The claim was brought against a Guernsey bank holding substantial funds on behalf of the company and with which a dispute had developed as to who was entitled to give instructions on the company's behalf. The issue was successfully argued before the Court on Affidavit evidence of foreign law, avoiding the need for a lengthy and expensive trial.
Babbe lawyers contribute article on "Trustee Liability" to Trust Quarterly Review - July 2007
Recognition of the experience and expertise of Babbe lawyers, Andrew Laws and Alasdair Davidson, in the field of trustee liablity has been highlighted by their contribution to Issue 3 2007 of the highly respected publication, Trust Quarterly Review. Their article examines the current and possible future state of the law in Guernsey, focussing on the liability of directors of corporate trustees, proposed changes to the law and the potential for 'dog-leg' or other claims that may still survive......Click here to view this article.
Babbe success on Restraint Order - July 2007
Our litigation team has succeeded in obtaining the variation of a Restraint Order (made under the Proceeds of Crime Law) so as to release funds in excess of 1 million held by a Guernsey Bank. Babbe was acting for a corporate client which found its funds caught up in the scope of an Order obtained locally on behalf of UK prosecutors pursuing other parties. The case highlights some of the difficulties faced by banks and their clients who are affected by the very wide-ranging Anti Money Laundering legislation. Babbe continues to act in a number of other such cases.
Babbe Newsletter Issue No. 1 - 2007
Transcontinental Trusts Conference 2007. p2
The Disclosure Law. p2
Review of Guernsey Law of Trusts. p3
Administration Orders. p3
The Harwood Report on the Fund Industry. p5
The Incorporated Cell Company. p5
Insurance Law Review. p5
Babbe achieve Investor in People status. p6
New Staff. p6......Click here to view this newsletter
Legalisation costs to increase - June 2007
H.M. Greffe has announced that the cost of having a notarised document legalised in Guernsey will increase from 19.00 to 27.00 from 1st July 2007. The increase is said to be in line with the charge levied by the Foreign and Commonwealth Office.
Babbe's notarial charges will remain as at present, and we will be pleased to attend to any notarial requirements of our clients as part of our usual services.
Transcontinental Trusts Conference 2007 - June 2007
Babbe Partners Ian Swan (Litigation) and Geoff Allez (Trusts) gave a presentation to the prestigious McCutcheon-Soares Transcontinental Trusts conference held in Geneva on 25th and 26th June, 2007.
The conference is generally regarded as the leading conference of its kind for offshore providers. Ian and Geoff reviewed recent critical cases and legislative developments from around the trust world, drawing conclusions as to how trustees should be reacting.
A copy of the presentation is available in the Babbe library......Click here to view this article
New Disclosure Law for Guernsey - May 2007
The Disclosure (Bailiwick of Guernsey) Law, 2007 comes into force later this year and will have an impact on the obligation to report knowledge or suspicion of money laundering. One key element is the introduction of an objective test to report, based on reasonable grounds to suspect. A fuller discussion of the new law can be found in an article in the library section of this website......Click here to view this article.
New Lawyer for Financial Services Group - May 2007
We are pleased to welcome Alasdair Davidson to our growing financial services group. Alasdair is qualified as a barrister and solicitor in the UK and is also admitted to practice as an attorney in the Turks and Caicos Islands. Alasdair brings with him a wealth of experience in both UK and Offshore corporate, commercial and trusts law. He has advised private and institutional clients worldwide assisting them and their advisers on a broad range of fiduciary and commercial matters including the merger between CIBC and Barclays Bank in the Turks and Caicos, appearing before the Ontario Securities Commission and advising on numerous multi-jurisdictional trusts and insolvency issues. Alasdair is a member of the Chartered Institute of Arbitrators and the Chancery Bar Association.
Babbe acts on purchase of Guernsey's most expensive ever property - March 2007
Babbe are very pleased to have acted for the purchasers of Trafalgar Court, probably the most prestigious office accommodation in Guernsey. The deal completed on 28 March 2007for a price in excess of 63M, making it the most expensive property ever sold in the island.
The offices boast views across the Little Russell to the Islands of Herm and Sark, and, on a clear day, France. They have been built to a high specification with 113,000 sq ft of office space, a multi-storey car park that accommodates 517 cars and a spectacular glass and granite finish.
Babbe Advocate Martyn Baudains acted for the purchasers Trafalgar Court Limited and Hotbed, a UK based venture capital organisation.
Stephenson Harwood Partner joins Babbe - February 2007
In February Babbe's corporate team was strengthened by the arrival of Stuart Tyler, formerly a partner in the Banking & Asset Finance Group at City of London Solicitors Stephenson Harwood. Stuart has 15 years experience dealing with many facets of commercial law, including debt and asset finance, projects, funds and investments, insolvency and debt recovery.
Babbe gains Investor in People status - January 2007
Babbe has become the first Guernsey law firm to achieve "Investor in People" status through a Guernsey office. The internationally recognised standard reflects the firm's commitment to developing the core asset of any professional service business, its people. The award was presented to Managing Partner Andrew Laws by local footballing legend Matt Le Tissier at a party held to celebrate the award and the firm's recent rebranding.
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