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Guernsey Adopts New Statutory Regime For Migration of Limited Partnerships

Limited partnerships which are registered overseas may now migrate into Guernsey under the Limited Partnerships (Guernsey) (Migration) Regulations, 2020, which came into force on 30 July 2020.

The LP Migration Regulations mirror the migration procedures already in force for companies under the Companies (Guernsey) Law, 2008, which allow companies to migrate into and out of the jurisdiction. The LP Migration Regulations are a further step to simplify the procedure for moving existing overseas funds into Guernsey, following the introduction by the GFSC of a fast track application regime for the migration of fund managers in June 2020.

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Adjourning a Winding up Petition: The Standing of a Secured Creditor in the Cayman Islands

In the recent judgment of the Grand Court of the Cayman Islands (the "Grand Court") in the matter of G3 Exploration Limited (Formerly Green Dragon Gas Ltd.) (the "Company"), Justice McMillan provided helpful guidance on the application of principles governing two pertinent areas of insolvency law in the Cayman Islands: (1) the standing of a secured creditor to petition; and (2) the circumstances in which the Court may direct the adjournment of a winding up petition.

The Court had previously ordered that the Company be placed into provisional liquidation to allow the joint provisional liquidators, Mr. Alexander Lawson and Mr. Christopher Kennedy of Alvarez & Marsal Cayman Islands Limited, and Ms. Tiffany Wong of Alvarez & Marsal Asia Limited (the "JPLs") to determine whether or not a restructuring of the Company deserved further consideration, or whether a winding up order should be made. The Company argued that there were sufficient grounds to provide for a further adjournment of the petition, relying upon the JPLs' findings that a restructuring remained viable. This position was also supported by another creditor of the Company.

The Court concluded that a further adjournment of the petition for a period of four months was in the ultimate interests of the Company's stakeholders, noting that "there was no immediate tangible benefit in granting a Winding Up Order and that there was credible evidence before the Court that there is a reasonable prospect that the Petitioner's debt would be paid within a reasonable time." In delivering the Reasons for Judgment, Justice McMillan focussed on the two particular issues of law identified above.

1. The Standing of a Secured Creditor to Petition

Justice McMillan noted that the question of a secured creditor's standing to present a winding up petition had not previously been dealt with by the Grand Court. In making his finding on this issue, Justice McMillan accepted that a secured creditor has standing to petition for the winding up a company in the Cayman Islands, and to the extent that the secured creditor's security is relevant, its relevance would be as to weight rather than to standing.

2. The Principles Governing the Adjournment of a Winding Up Petition

The four month adjournment was granted on the basis that the Court found there was a reasonable prospect that the petitioner's debt would be paid within a reasonable period of time, and conversely, there was no immediate tangible benefit to winding up the Company. In coming to this conclusion, Justice McMillan observed that the views of the secured petitioner were counterbalanced by the views of the other creditor and those of the JPLs, who both saw merits in an adjournment being granted. The Company itself was also seeking an adjournment. Whilst the ultimate success of the petitioner's debt being repaid pursuant to the proposed refinancing could not be guaranteed, the situation was deemed to be sufficiently promising for it to be examined further.

Ireland | Reducing the Risks of Dismissal during Probation

The recent High Court decision in O’Donovan v Over-C Technology Ltd & Anor [2020] demonstrates that terminating an employee’s employment before the employee has accrued twelve months’ continuous service can still create significant risks for an employer.

Employers generally seek to conclude an employee’s probationary period (and any extension) before the employee has accrued twelve months’ continuous service. This is because, in most cases, an employee is prevented from bringing a claim under the Unfair Dismissals Acts, 1977 to 2015 unless they have accrued twelve months’ continuous service with their employer. However, there are a number of claims that an employee may take challenging their dismissal from commencement of employment, which are discussed below.

 

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Jersey Foundations - New Reporting Requirements

A significant change to the Foundations (Jersey) Law 2009 is expected to take effect on 1 December, requiring qualified members to file an abridged version of the foundation's regulations with the JFSC. Only certain details relating to the operation of the council and guardian are reportable and the new requirements expressly exclude any information that would allow any person to be identified. Details of a transitional period will be announced soon, but qualified members should consider taking advice on the new obligations in the meantime.

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Ireland | PD3 – Practical Insights

Regulation (EU) 2017/1129 (the “New Prospectus Regulation” or “PD3”) has been in effect since 21 July 2019 and the purpose of this advisory is to provide some practical insights on the application of PD3 to date to issuers of debt securities and to share our experience of some of the issues which have arisen and how such issues may be resolved.

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