Representation of Barclays Private Bank and Trust Ltd and Barclays Private Clients International Ltd [2014] JRC 161 (27 August 2014)

Representation of Barclays Private Bank and Trust Ltd and Barclays Private Clients International Ltd [2014] JRC 161 (27 August 2014)

The scheme satisfied all statutory requirements, the non-deposit-taking activities were integral to the business, no party was adversely affected, and the scheme as a whole was fair. The Court had jurisdiction and sanctioned the scheme.

Citation
[2014] JRC 161
Parties
Transferor: Barclays Private Bank & Trust Limited; Transferee: Barclays Private Clients International Limited (Jersey Branch)
Jurisdiction
Jersey
Judgment Date
27 August 2014
Procedural Posture
Scheme Sanction Application Under Banking Business (jersey) Law 1991 / Final Sanction Hearing
Outcome
scheme sanctioned
Legal Topics
Transfer of Banking Business, Court Sanction of Schemes, Jurisdiction Under Banking Law, Client Protection in Business Transfers
Banking Law Financial Regulation Company Law Transfer of Banking Business Court Sanction of Schemes Jurisdiction Under Banking Law Client Protection in Business Transfers

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Parties

Barclays Private Bank & Trust Limited

Transferor

Barclays Private Clients International Limited (Jersey Branch)

Transferee

Procedural Posture

Scheme Sanction Application Under Banking Business (jersey) Law 1991 / Final Sanction Hearing

Legal Issues

  1. 1 Whether the Court should sanction the transfer scheme under Article 48D of the Banking Business (Jersey) Law 1991
  2. 2 Whether the Court has jurisdiction to sanction transfer of non-deposit-taking business as part of the scheme
  3. 3 Whether the scheme is fair as between the interests of affected persons

Ratio Decidendi

The scheme satisfied all statutory requirements, the non-deposit-taking activities were integral to the business, no party was adversely affected, and the scheme as a whole was fair. The Court had jurisdiction and sanctioned the scheme.

Court Disposition

scheme sanctioned

Orders

  • The scheme for the transfer of banking, investment business, and funds services business from Barclays Private Bank & Trust Limited to Barclays Private Clients International Limited (Jersey Branch) is sanctioned.