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Appointment of receivers over English property held by Jersey, Guernsey and British Virgin Islands entities

Oct 22, 2024

Advisory
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key takeaways

  • We are seeing increased interest in relation to the practicalities of enforcement by a receiver of English law  security granted by an offshore entity. 
  • There are no formal requirements for Guernsey, Jersey and BVI companies to make a public registration of any foreign law security granted, but there are priority related benefits for a BVI company in doing so.
  • The concept of using receivers for security enforcement is not a part of Guernsey or Jersey law. However, there are no specific formalities that an English law appointed receiver needs to take in those jurisdictions to exercise its powers over English assets held by a Guernsey or Jersey entity.

We are seeing an increasing number of enquiries from lenders and their advisors in respect of the practicalities of enforcement by receivers of English security granted by overseas entities. Real estate property transactions are commonly structured through offshore finance centres, such as Jersey, Guernsey and the British Virgin Islands ("BVI"), with such overseas entities granting English law security over property located in England.

On entry into English law security and on enforcement, security granted over English assets by Jersey and Guernsey entities does not need to be registered in Jersey and Guernsey respectively. Jersey and Guernsey do not maintain any register of security for foreign law governed security documents. In Jersey, only Jersey law security may be registered on the Jersey Security Interests Register. BVI Companies are legally required to record particulars of security granted on an internal register of charges.  Although there is no legal requirement to register BVI security on a public register, doing so is advisable for the purposes of protecting the priority of the security.

The concept of a receiver is also not contained in the law of Jersey and Guernsey. However, notwithstanding this, a foreign receiver may be appointed over English assets owned by Jersey and Guernsey entities and such receiver would not be required to file appointment documents in Jersey or Guernsey with any regulatory authority. BVI statute expressly permits the appointment of receivers in respect of the assets of a BVI company and such receivers may be appointed either out of court or by way of court order. Typically, a receiver appointed in respect of English situs assets held by a BVI Company would be a UK insolvency practitioner. 

Of course, the enforcement of Jersey, Guernsey or BVI security should not be ruled out as another viable option. Our briefings on enforcement of local security can be found here:

  • Enforcement of Share Security in Jersey and Guernsey – Five Key Considerations
  • Enforcement of Jersey Security
  • Enforcement of Guernsey Security
  • Legal Guide to Pre-Enforcement Steps Under Jersey and Guernsey law
  • Pre-enforcement Steps and Enforcement Action Under Bermuda, BVI and Cayman Law
FinanceBritish Virgin IslandsGuernseyJersey

Authors

Andrew Chissick

Andrew Chissick

Partner/London

T/+44 (0) 2072 204 994
M/+44 (0) 7837 462 561
E/Email Andrew Chissick
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Adam Cole

Adam Cole

Partner/Guernsey

T/+44 (0) 1481 748 912
M/+44 (0) 7911 745 812
E/Email Adam Cole
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James Denham

James Denham

Partner/London

T/+44 (0) 2072 204 978
M/+44 (0) 7487 510 931
E/Email James Denham
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Jon Le Rossignol

Partner, Walkers (CI) LP/Jersey/London

T/+44 (0) 1534 700 716
M/+44 (0) 7797 792 998
E/Email Jon Le Rossignol
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Alex Wickens

Alex Wickens

Group Partner*/Guernsey

T/+44 (0) 1481 758 954
M/+44 (0) 7911 145 107
E/Email Alex Wickens
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Key contacts

Get in touch with our team

Andrew Chissick
Andrew Chissick

Andrew Chissick

Partner

London

T

+44 (0) 2072 204 994

M

+44 (0) 7837 462 561

E

Email Andrew Chissick
View profile
Adam Cole
Adam Cole

Adam Cole

Partner

Guernsey

T

+44 (0) 1481 748 912

M

+44 (0) 7911 745 812

E

Email Adam Cole
View profile
James Denham
James Denham

James Denham

Partner

London

T

+44 (0) 2072 204 978

M

+44 (0) 7487 510 931

E

Email James Denham
View profile
Jon Le Rossignol

Jon Le Rossignol

Partner, Walkers (CI) LP

Jersey

London

T

+44 (0) 1534 700 716

M

+44 (0) 7797 792 998

E

Email Jon Le Rossignol
View profile
Alex Wickens
Alex Wickens

Alex Wickens

Group Partner*

Guernsey

T

+44 (0) 1481 758 954

M

+44 (0) 7911 145 107

E

Email Alex Wickens
View profile

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