Rep of HSBC Int Ltd and HSBC Bank PLC [2017] JRC 180 (26 October 2017)

Rep of HSBC Int Ltd and HSBC Bank PLC [2017] JRC 180 (26 October 2017)

The Court has jurisdiction under Article 48D and Paragraph 9 of the Banking Law to sanction the transfer of deposit-taking and integral non-deposit-taking business. The scheme is fair, statutory requirements are met, no objections have been raised, and the transfer is intra-group with no material adverse effect on customers or creditors.

Citation
[2017] JRC 180
Parties
Transferor: HSBC Bank International Limited; Transferee: HSBC Bank plc
Jurisdiction
Jersey
Judgment Date
26 October 2017
Procedural Posture
Scheme Sanction Application / Final Judgment
Outcome
scheme sanctioned
Legal Topics
Scheme of Transfer, Deposit Taking Business, Intra Group Transfer, Court Sanction, Regulatory Compliance
Banking Law Corporate Restructuring Scheme of Transfer Deposit Taking Business Intra Group Transfer Court Sanction Regulatory Compliance

Case Brief

Summary, issues, holding and outcome

More case intelligence is available

Unlock the full research layer for this judgment.

Full judgment text Downloadable case file Legal principles 3 Authorities cited 6 Party arguments 2 Amounts and remedies 7
Sign in to unlock

Parties

HSBC Bank International Limited

Transferor

HSBC Bank plc

Transferee

Procedural Posture

Scheme Sanction Application / Final Judgment

Legal Issues

  1. 1 Does the Court have jurisdiction to sanction the transfer of both deposit-taking and integral non-deposit-taking business under Article 48D and Paragraph 9 of the Banking Business (Jersey) Law 1991?
  2. 2 Is the scheme fair to customers and other interested parties?
  3. 3 Have statutory requirements for sanction been met?

Ratio Decidendi

The Court has jurisdiction under Article 48D and Paragraph 9 of the Banking Law to sanction the transfer of deposit-taking and integral non-deposit-taking business. The scheme is fair, statutory requirements are met, no objections have been raised, and the transfer is intra-group with no material adverse effect on customers or creditors.

Court Disposition

scheme sanctioned

Orders

  • The Scheme is sanctioned and ordered to be carried out as proposed.