Repeal means COBO consent is not required for borrowings by Guernsey companies
Prior to 27 February 2013, consent from the Guernsey Financial Services Commission pursuant to the Control of Borrowing (Bailiwick of Guernsey) Ordinance, 1959, as amended (more commonly referred to as COBO) was required for certain transactions where money was borrowed in the Bailiwick of Guernsey and for certain capital raising transactions. COBO created additional and unnecessary regulatory requirements within financing or refinancing arrangements and where on-lending applied within group contexts…
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Jersey Court of Appeal confirms rights of non-trustee fiduciaries to an indemnity out of the trust fund
On appeal from the Royal Court, the Jersey Court of Appeal held that a fiduciary in relation to a trust had an identical right of indemnity in equity out of the trust fund as a trustee.
The interpleader proceedings in Guernsey are dealing with substantial assets claimed to be the proceeds of a fraud alleged against Nikolai Battoo and the BC Capital Group.