Advocate Anthony Williams discusses notable cases involving a complex cross border restructuring, the discharge of a company administration order by the Royal Court returning the company to its owners and a novel application to wind up a group of online gaming companies in Alderney as a result of a massive fraud perpetrated in the United States.

Administration order

In a highly complex and sensitive commercial matter, Appleby successfully sought administration orders in respect of a number of Guernsey investment companies, forming part of a wider UK property holding structure. The primary purpose of the administration order was to implement a plan of restructuring to rescue the group as a going concern. The reorganisation involved the proposed restructuring of a secured loan facility in excess of £700m, and the managed disposal of an extensive portfolio of UK commercial real estate assets.

The administration application was unusual insofar as it involved the appointment of administrators to the Guernsey investment holding company level, rather than to the direct property holding companies. The reason for this approach was to avoid sending unnecessary distress signals to the wider market thereby resulting in a rapid devaluation of the underlying property assets, which could have eventuated if insolvency processes were undertaken at the real estate holding level. The Guernsey investment holding companies did not have any substantial assets of their own other than the shares in the underlying property holding subsidiaries. The purpose of the Guernsey investment holding companies was to facilitate the efficient disposal of tranches of the portfolio or the entire portfolio itself.

Read More

Type

Insight

Locations

Guernsey

Share
Twitter LinkedIn Email Save as PDF
More Publications
27 Sep 2022

Similar but Different

While the basic features of the trust remain, there are some notable differences in how trusts can b...

7 Sep 2022

ESG Series Part 1: Climate Change – What on Earth is going on?

‘ESG’ has well and truly arrived, and has triggered a new age in business and financial investme...

7 Jun 2022

New Regulations and Requirements for Local Charities

The Charities etc. (Guernsey and Alderney) Ordinance, 2021 (Ordinance) and the raft of regulations t...

Contributors: Lisa Upham
20 May 2022

Lasting Powers of Attorney

The long-awaited Capacity (Lasting Powers of Attorney) (Bailiwick of Guernsey) Ordinance, 2022 (LPA ...

23 Feb 2022

Anonymisation of decisions: an invitation to consider this more but the unscrupulous need not apply!

The adage that ‘justice must not only be done, but must also be seen to be done” derives from a ...

7 Dec 2021

Notaries, E-Apostilles and Technological Changes

Notaries form the oldest branch of the legal profession. Their origins can be traced back to the Ro...

25 Nov 2021

Regulatory Approach to ESG across the Crown Dependencies

New requirements may require investment products to display a label reflecting their sustainability ...

5 Oct 2021

Notaries: Are Simple Certifications a Thing Anymore?

Notaries are primarily concerned with the authentication and certification of signatures, authority ...

30 Jul 2021

Fighting international fraud

First published in New Law Journal, July 2021. Appleby partners Anthony William and Jared Dann an...

Contributors: Jared Dann, Claire Corkish
20 May 2021

The Gender Pay Gap Debate – a response to comments on social media

As a lawyer the majority of articles we write are about a particular case or a legal issue – which...