Guernsey professionals gain insight into piercing the corporate veil

| January 31, 2014 | 0 Comments
Chris Edwards of Mourant Ozannes and James McClelland of Fountain Court.

St James was packed yesterday morning (Thursday) for the Mourant Ozannes seminar on the latest approach by courts to piercing the corporate veil.

More than 120 leading business professionals attended the seminar to hear speakers Chris Edwards, partner at Mourant Ozannes and James McClelland, a commercial barrister at Fountain Court, explain how the judgments in two recent cases of the English Supreme Court could affect the integrity of the corporate veil.

In a practical update on protecting corporate structures, the audience heard that the integrity of the corporate veil is increasingly under attack as claimants seek to cut through corporate structures to claim assets or extend liability. Reviewing the recent cases of VTB Capital and Prest, the speakers explained where the law now stands on this important topic, and offered practical guidance as to how trustees, directors and other service providers could take steps to preserve the integrity of the corporate and trust structures they manage.

Chris Edwards said: “It is important that Guernsey professionals understand the risk that the courts may use the law of trusts to go behind corporate structures if they suspect them of being tainted by unreality. The purpose of our presentation was to give practical guidance, using real life case studies to highlight the importance of documenting the intended relationships around the corporate structure in order to protect against this happening.”

The event was chaired by Robert Shepherd, senior partner, Mourant Ozannes. The firm will run a host of seminars throughout the year aimed at providing Guernsey’s professional services industry with best-practice advice and latest knowledge.

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