Ferbrache & Farrell were instructed in the first migration out of Guernsey of limited partnerships under the new Limited Partnerships (Migration) Regulations 2020. The structure that migrated from Guernsey consisted of a GFSC regulated general partner and an authorised private equity limited partnership fund, together with their related general partner and management holding limited partnership structures. The application involved both Guernsey legal and regulatory aspects, as well as dealing with US Counsel in order to ensure the migration into Delaware.
Beauvoir Corporate and Fund Services Limited, as corporate services provider and administrator to the migrating regulated structure, was led by Richard Bray and provided assistance in respect of all managerial and administrative matters and in dealing with the Guernsey Registrar. The Ferbrache & Farrell team consisted of Gavin Farrell and Joshua Black, which also dealt with US Counsel in Delaware.
Gavin Farrell commented: ‘Whilst it is normally sad to see a structure leave our shores for another jurisdiction, this migration was understandably required in light of the structure's life cycle and to administratively facilitate the most cost-effective winding down of its affairs to the benefit of its investors. This migration out was a first for Guernsey, and whilst we were treading new ground under the very recent legislation, we were greatly assisted by the staff at the Registrar who could not have been more helpful in dealing with this transaction. GFSC were also incredibly pragmatic and helpful in dealing with regulatory matters. Whilst we certainly hope that this is not the first of many, it was pleasing to all stakeholders as to how the Registrar, GFSC, Beauvoir and ourselves managed to deal seamlessly with this new groundbreaking application to the benefit of investors in the fund structure.’