JERSEY’S new foundations legislation has come under fire in the island’s courts and a seminar in January, organised by AO Hall, will look at whether Guernsey’s forthcoming Foundations Law could attract the same criticism.
Guernsey’s Foundations Law is seen as an opportunity for local service providers to offer an alternative structure to a trust. However, in Dalemont v Senatorov, a recent court case in Jersey, the Jersey Deputy Bailiff criticised the Jersey foundations legislation as creating a situation in which the so-called “qualified member” of a Jersey foundation’s council was wholly reliant on the majority non-qualified members for information about the foundation’s activities. That was, the Court concluded, “…for the purposes of mutual legal assistance and law enforcement, … a strange result”, which would most likely be unacceptable to the Attorney General and the Jersey Financial Services Commission.
‘AO Hall’s seminar, which I will be running with AO Hall senior associate Matt Sanders, will look at the Senatorov decision and ask, first, whether the Deputy Bailiff’s criticism of the Jersey law was fair, and then consider whether the same point could be made about the new legislation here,’ said AO Hall group partner Paul Buckle.
‘ It will also look at the wider question whether the result in Senatorov can be attributed to the nature of the structure in issue or the conduct of the people administering it, and whether any general observations, positive or otherwise, can be made about foundations themselves.
‘We are also delighted that Stephen Baker, senior partner at Baker and Partners in Jersey, who acted for the plaintiff in the Senatorov case, has said that he will be attending the seminar. Steve’s knowledge of the case means he will be able to provide a unique insight into what went on, and what it means for the Jersey and Guernsey fiduciary services industry.’
The seminar takes place on Thursday 17th January and there are a number of places remaining. Anyone wishing to reserve a place can do so by calling Karen Le Blancq on 723723 or emailing firstname.lastname@example.org