It emerged this week that law firm Ogier has acted for Société Générale in establishing the first Incorporated Cell Company (ICC) to be set up in Jersey.
Societé Générale, advised by Ogier’s Michael Lombardi and Nathan Powell, selected the ICC as the most efficient structure in a complex asset financing transaction, in order to facilitate ring-fencing the assets and liabilities attributable to the initial portion of the financing.
SG Hambros Trust Company (Channel Islands) Limited has been selected to act as administrator of the ICC and it is anticipated that additional cells will be added for subsequent financings.
Ogier finance partner, Michael Lombardi commented that:
“The new Incorporated Cell Company provides transaction sponsors and arrangers with a wider range of cost effective structuring options than is currently available elsewhere. It is anticipated that Incorporated Cell Companies will be used for a variety of applications in medium term note programmes, multi-series asset backed securities issues, umbrella investment funds and structured equity products.”
A comprehensive report in our Intelligence Report series looking at offshore insurance is available in the Lowtax Library at http://www.lowtaxlibrary.com/asp/subs_reports.asp and a description of the report can be seen at http://www.lowtaxlibrary.com/asp/description_report11.asp
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