27 November 2017
Carey Olsen advises on plan to protect creditors of one of the world's leading stamp investment businesses
Carey Olsen has successfully advised the philatelic investment business Stanley Gibbons (Guernsey) Limited in relation to its application to the Royal Court for an administration order.
The restructuring and insolvency team, led by counsel David Jones, advised the investment division of Stanley Gibbons in relation to its financial difficulties and the eventual appointment of Nick Vermeulen and Zelf Hussain of PricewaterhouseCoopers as administrators to the Guernsey part of its business, including successfully conducting the application before the Royal Court.
Advocate Jones said: “This is likely to be one of the highest profile administration orders in Guernsey this year. The nature of the company's historical contractual arrangements is complex and the business attracted worldwide investors in collectibles, stamps and other items.
"The case further demonstrates that Guernsey has the laws, judicial expertise and quality of professional advisors required to handle complex insolvencies.
"The purpose of the administration is to secure the best possible outcome for all creditors and it is hoped that the flexibility afforded by Guernsey's administration regime will facilitate that purpose."