THE Royal Court has approved its first Scheme of Arrangement under the new Companies Law.

Law firm Babbe acted for AIM-listed oil and gas company Bramlin Ltd in its takeover of similarly-listed Victoria Oil and Gas Ltd.

The Babbe corporate team for the transaction was led by Keith Bell.

He said he had been delighted to be at the forefront of the use of the new provisions of the Companies Law and with Babbe being the first Guernsey law firm to take part in a Scheme of Arrangement under the new law.

‘The recent changes to the Companies Law in Guernsey have shown that, as a jurisdiction, we can now provide a smoother and enhanced practical service to our corporate client base.

‘The well thought-out changes to the law have streamlined the takeover process, enabling us to have very satisfied clients.’

The new law came into force at the start of July and included a number of significant provisions, bringing law surrounding companies in the island not only in line with other leading jurisdictions but in many respects enhancing the flexibility and sophistication of Guernsey as a corporate jurisdiction of choice.

Managing partner Advocate Andrew Laws (pictured), who assisted with the scheme, added that he had been pleased to be able to assist a client while at the same time breaking new ground in Guernsey law.