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British Virgin Islands, Cayman Islands, Guernsey, Jersey
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September 29 2011
It has been estimated that there is European bank and bond debt with a combined value of up to 50-75 billion which is due to mature and come to market for refinancing over the next five years
The Security Interests (Jersey) Law 1983 (the “1983 Law”) governing security over intangible movable property in Jersey (eg shares, units, accounts and contractual rights) has been in force for almost three decades
British Virgin Islands, Cayman Islands, Guernsey, Jersey
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September 22 2011
The Insolvency Act 2003 of the British Virgin Islands (the “IA”) provides that the netting of financial contracts is legally enforceable notwithstanding any provisions of the IA or the Insolvency Rules
The transaction documents (eg ISDA, GMRA or prime brokerage agreements) for derivatives transactions (or other transactions involving netting provisions) are usually governed by English law or New York law
In the current economic climate, there has been increased interest from clients and their advisers in using offshore companies in cross-border restructurings
There has been a considerable amount of interest from clients recently on putting Jersey companies holding UK real property and other assets into English administration
This client briefing provides a general overview of schemes of arrangement for Jersey companies under the Companies (Jersey) Law 1991 (the "Companies Law"
In the current economic environment, directors will be fully focused on avoiding any breach of their fiduciary duties, particularly if they are directors of companies experiencing or at risk of financial distress
