We acted on behalf of the GFSC in bringing proceedings to have a local company director disqualified. The disqualification was based on, among other things, the fact that he was the managing director of a regulated insurance intermediary and, at that time, attempted to make a fraudulent insurance claim for which he was later sentenced by the Royal Court.
The Royal Court disqualified Mr Coutts from acting as a director for a period of 11 years. The maximum which could be awarded was 15 years.
As far as we are aware this is only the second time such an order has been made by the Court. This was one aspect of the general enforcement proceedings being taken against Mr Coutts by the GFSC which has also included the compulsory winding up of his company and the freezing of his funds.
Deal Partners: Jeremy Wessels and Jeremy Le Tissier
The Blenheim companies received Notices by the Administrator of Income Tax under s75B of Income Tax Law requiring them to produce very extensive documentation and information relating to clients and entities managed by them.
The Notices requiring disclosure were initiated by a request from the USA under the Tax Information Exchange Agreement it has with Guernsey. We appealed against this in very short (10 day) time for appeal alleging various problems with the Notices, not limited to a unlawful interference with rights of privacy under Article 8 of the European Convention on Human Rights.
The Notices were ultimately withdrawn by the Administrator. This is the first time anyone has challenged the issuance of Notices under these relatively new powers of the Administrator and it is a matter of some significance that the Administrator withdrew the applications before they could be challenged before the Royal Court. It is potentially very significant to all FSBs in Guernsey.
Deal Partners: Jeremy Wessels and Jeremy Le Tissier
Jeremy Le Tissier issued proceedings involving two local fiduciary firms and various Russian individuals relating to a dispute over the ownership of Health Tech Corporation Limited, a Guernsey company operating in Russia. The individuals asserted varying claims to the beneficial ownership of Health Tech. The local fiduciaries had been providing nominee and other services to Health Tech. The proceedings sought, amongst other things, a declaration of the beneficial ownership of Health Tech and other relief relating to breaches of trust, forgery and acting on ineffective instructions.
Jeremy Le Tissier successfully obtained a declaration that his client was the sole beneficial owner of all the 79,990,000 shares concerned.
Declaratory relief has no monatery amount. However, the beneficial ownership of the company Health Tech Corporation td was declared by the Court - Health Tech states (www.htc-ltd.com) that it has assets in excess of US$500m.
Deal Partners: Jeremy Le Tissier and Jeremy Wessels
Application on behalf of Acumen to the Royal Court to vary a restraint order that had been obtained by HM Procurer. The restraint order froze all the assets of a person awaiting trial for drug trafficking offenced. The purpose of the restraint order is to freeze the assets in anticipation of a confiscation order being made by the court in respect of funds the Court deems the accused has made by virtue of criminal activity.
Our client (Acumen) was owed monies by the person awaiting trial- however, as that money was frozen he could not pay. The order successfully sought, varying the restraint order allowed funds to be paid to Acumen. The application for the variation was unsuccessfully resisted by HM Procurer. This was the first time such an application had come before the Royal Court.
Additionally, the restraint order was varied when the person accused of Drug Trafficking had been convicted of the offence and was awaiting sentencing. As far as all involved were aware variation of a restraint order by a third party at this particular point had not been ruled upon by the English Courts either and therefore it was a judgement making new law.
Deal Partners: Peter Ferbrache and Jeremy Le Tissier