legal aspects related to funds - protected cell companies/incorporated cell companies jersey |...
TRANSCRIPT
![Page 1: Legal Aspects Related to Funds - Protected Cell Companies/Incorporated Cell Companies Jersey | Guernsey | London | Dublin | Geneva Simon Pascoe, Partner](https://reader035.vdocuments.site/reader035/viewer/2022080917/56649ee65503460f94bf5f15/html5/thumbnails/1.jpg)
Legal Aspects Related to Funds - Protected Cell
Companies/Incorporated Cell Companies
Jersey | Guernsey | London | Dublin | Geneva
Simon Pascoe, PartnerBedell Group
![Page 2: Legal Aspects Related to Funds - Protected Cell Companies/Incorporated Cell Companies Jersey | Guernsey | London | Dublin | Geneva Simon Pascoe, Partner](https://reader035.vdocuments.site/reader035/viewer/2022080917/56649ee65503460f94bf5f15/html5/thumbnails/2.jpg)
Introduction
■ Companies (Jersey) Law
■ Protected Cell Companies
■ Incorporated Cell Companies
■ Uses
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Content
■ Key features
■ Structure
■ Advantages
■ Practical issues
■ Comparisons with other jurisdictions
![Page 4: Legal Aspects Related to Funds - Protected Cell Companies/Incorporated Cell Companies Jersey | Guernsey | London | Dublin | Geneva Simon Pascoe, Partner](https://reader035.vdocuments.site/reader035/viewer/2022080917/56649ee65503460f94bf5f15/html5/thumbnails/4.jpg)
Key Features
■ Separate legal personality?
■ Importance of name
■ Segregation of assets and liabilities
■ Recourse of creditors
■ Taxation
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Structure
■ Formation
■ Memorandum and Articles of Association
■ Shareholders
■ Directors
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Co. Shareholders
Cell B Cell CCell A
'A' Assets 'B' Assets 'C' Assets
AShareholders
Protected/IncorporatedCell Company
ADirectors
Co. Directors
BDirectors
BShareholders
CShareholders
CDirectors
Structure Chart
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Alternative ICC Structure
XYZ ICC
F Master IC G Master IC H Master IC
I IC J IC
K Master IC L Master IC
A IC B IC C IC D IC E IC
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Advantages
■ Greater legal certainty
■ Reduced complexity
■ Flexibility
■ Administrative cost savings
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Practical Issues
■ Different features between cells
■ Conversion from ordinary company to cell company
■ Contractual relations
■ Inter-cell contamination
■ Directors duties
■ Access to financial information
■ "The big issue" – recognition in other jurisdictions
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Comparison with other jurisdictions
■ No restrictions as to use
■ Greater certainty
■ Separate memorandum and articles of association
■ Position of shareholders and directors
■ PCC or ICC?
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Legal Aspects Related to Funds - Protected Cell
Companies/Incorporated Cell Companies
Simon Pascoe Partner Bedell Group, Jersey
Jersey | Guernsey | London | Dublin | Geneva