It was announced this week that Guernsey has hosted the first-ever conversion of a protected cell company (PCC) to an incorporated cell company (ICC).
The completion of the process has formed the world’s largest incorporated cell company (ICC) mutual fund.
“This is fantastic news for Guernsey. It illustrates once again how the Island is not just a major player but at the cutting edge of developments in the international finance industry,” observed Peter Niven, Chief Executive of GuernseyFinance, the promotional agency for the Island’s finance industry.
He added:
“It is fitting that in 2007, ten years on from when Guernsey introduced the PCC concept to the world, the Island has once again delivered a ‘world first’ but this time with the younger sibling that is the innovative ICC structure.”
Under legislation introduced in Guernsey in Spring 2006 it is possible to convert a conventional company or PCC to an ICC.
Bedell Cristin’s Guernsey team undertook the conversion on behalf of Guernsey-based clients. Their PCC originally had nine cells that were then converted to incorporated cells. In addition, a further 13 ICs have been formed to create what is the first Class B ICC investment fund in Guernsey.
The company uses the mutual ICC as a multi-managed platform with different promoters in each cell. They believe the additional insolvency protection and flexibility afforded by the ICC structure is particularly advantageous for management and future business development.
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