The following Restructuring & Insolvency guidance note Produced in partnership with Stephen Alexander of Mourant Ozannes provides comprehensive and up to date legal information covering:
This Practice Note addresses the Jersey law issues concerning the enforcement of secured immovable property interests in respect of:
Jersey-incorporated entities (or individuals) that own immovable property located in England, and
English-incorporated entities (or individuals) that own immovable property located in Jersey
There is no formal receivership process in Jersey and this Practice Note deals with the interaction between Jersey law and English fixed charge receiverships in the above circumstances.
A creditor with a valid fixed charge, governed by English law, over property located in England will usually be entitled to exercise a power to appoint a fixed charge receiver pursuant to the terms of the charge. The main purpose of appointing a fixed charge receiver is usually to enable the secured creditor to take control of and to sell the secured property for his own benefit. Although, in this example, a Jersey-incorporated entity (or an individual domiciled in Jersey) owns property located in England, the secured creditor’s rights under the charge will remain the same whether the property is owned by a Jersey- or English-incorporated entity or individual.
What is the situation if the Jersey entity or individual which owns property located in England is subject to insolvency proceedings in Jersey? A valid fixed charge over property owned by
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