Guidance for Directors of Jersey, Guernsey and BVI Companies in Extraordinary Economic Circumstances

We are living in challenging times, arguably far more challenging than in 2008 given the supply and the demand side issues all businesses are facing, and the concerns as to our personal well-being and that of those around us. Against such a backdrop, informed decision-making by directors is all the more complicated, and so too any assessment of the risks that directors face in trying to steer a company through what are often unchartered waters.

With so many corporate and trust structures involving a combination of Jersey, Guernsey and BVI incorporated entities, and with the laws of those jurisdictions being different, sometimes markedly so, this is a critical point that must not be overlooked. A Jersey or Guernsey based director seeking advice from Jersey or Guernsey legal counsel on governance, corporate, finance or litigation issues that relate to their conduct of a BVI incorporated company, or vice versa, is laying a foundation that will undermine all of the decisions that follow, and which will leave that director open to challenge and potential liability.

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GUERNSEY
Sarah BrehautPartnerT +44 (0)1481 748 930sarah.brehaut@walkersglobal.com
Adam ColePartnerT +44 (0) 1481 748 912adam.cole@walkersglobal.com
Alison OzannePartnerT +44 (0) 1481 748 905alison.ozanne@walkersglobal.com

JERSEY
Nigel SandersPartnerT +44 (0) 1534 700 862nigel.sanders@walkersglobal.com
Marc SeddonPartnerT +44 (0)1534 700 761marc.seddon@walkersglobal.com
Fraser HernGroup Partner*T +44 (0) 1534 700 780fraser.hern@walkersglobal.com

LONDON
John O'DriscollPartnerT +44 (0)20 7220 4987john.o'driscoll@walkersglobal.com
Andrew ChissickSenior CounselT +44 (0)20 7220 4994 andrew.chissick@walkersglobal.com