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Today we celebrate the 75th anniversary of Simcocks Advocates.

Alfred Howard Simcocks was born on 20 December 1915 at the Rushen Abbey Hotel, Ballasalla.  He was educated at the Buchan School Kindergarten and King William’s College.

Howard was halfway through his accountancy articles in 1939 when he volunteered to enlist in the Manx Regiment.  He served in the desert and was blinded in May 1944 at the Battle of Monte Cassino, Italy.  When he returned to the Island he knew that he wouldn’t be able to continue with accountancy.  He was encouraged to become a law student by retired Attorney General, Ramsey Moore.

Howard was admitted to the Manx Bar in August 1948, having dictated his exam answers to a clerk in the Rolls office.  Helen Kinvig became his secretary and was to be his eyes and ears for the rest of his working life.  In the 1950s Howard acquired a tandem and Miss Kinvig used to “drive” him to the Castletown office from Ballasalla and back.

On 7 February 1949 Howard and fellow advocate Stanley Allen acquired Lay & Lay, an established law practice with roots as far back as the 19th century, and they formed Lay Allen and Simcocks.  This firm later became Simcocks Advocates, where he practised law until his retirement in 1990 to Winchester.

Howard was an incredibly active member of the Island community, singing with the Abbey Choir in Ballasalla, acting as a church council member, serving on the Malew Parish Commissioners, as a Member of the House of Keys and a Member of the Legislative Council, as well as sitting on several boards.  He was also an active member of the Royal British Legion and was awarded an MBE.

He died in 1995 and his ashes are buried in Malew Parish Church yard.

We are excited to announce that we are sponsoring local charity, Sight Matters’ fundraising event Dining in the Dark on Saturday, 20th April.

“Picture this – you, blindfolded, relying solely on taste, smell, touch, and sound to savor a gourmet meal. Dining in the Dark is designed to challenge your senses and provide a unique dining experience. There are three menus available, all of which have been designed to surprise and delight. After you’ve made your initial choice, you’ll rely solely on smell, sound, texture and taste to work out what you’re eating.”

Sight Matters

Sight Matters looks after the interests of more than 500 people with serious sight loss on the Isle of Man. A small, friendly team of staff, along with more than 200 volunteers, provide a comprehensive range of services and support. They offer a wide range of services, including: a talking book library, a recording studio producing a weekly audio news service, computer training, specialist equipment room and resource centre and weekly social groups. They also provide home and hospital visits and additional social events off premises throughout the year.

The Dining in the Dark event will help to raise essential funds to keep these much-needed services running.

Visit the Sight Matters website to find out more about this exciting event!

Now in its seventh year, we are pleased to once again launch our Partnership with Schools initiative.

This annual essay competition is designed to encourage young people with an interest in law, and is open to all sixth form students on the Island. Advocates will present this year’s competition to local high schools over the next few weeks and invite A level or Baccalaureate students to write a 1,000 word essay on one of these two topics:

  1. Is the jury system the best way to try serious criminal charges?
  2. At what point should an embryo be considered capable of having feelings, and abortion be forbidden?

The essays are marked by a former English teacher as well as by an advocate, and feedback is given to all essays submitted. The winning entry receives a laptop or a £500 voucher to assist with study equipment, and an opportunity to do a work experience placement at the firm.

The deadline for entries is Friday 26 April 2024. Contact Lisa Smith for more information.

An Isle of Man Government press release of 2 August 2005 promised the creation of a new type of business friendly company that would be simple and inexpensive to administer. 

The Companies Act 2006 came into effect on November 1 2006 creating the 2006 Act Company.  The 2006 Act operates in parallel to the Companies Acts 1931 – 2004 which govern the traditional type of company (a “1931 Act Company”).

Several years into the existence of the 2006 Act Simcocks Advocates sees the two different types of company as “horses for courses”.  Which is more suitable for a particular client’s needs depends on the situation.  A characteristic of one type of company which might be an advantage in one situation may be a disadvantage in a different situation.

Following enquiries from clients, Simcocks has prepared the comparison table below setting out in summary form the characteristics of each type of company.  This table is not exhaustive; it is intended as a practical guide and should not be taken as a statement of the law on any matter.  References in the table to the Registry are to the relevant Isle of Man Department whose functions will typically be carried out by the Companies Registry, and references to the IoMFSA are to the Isle of Man Financial Services Authority.

We hope that this paper is of assistance both to clients deciding which type of company to use, and in working with each type of company.

November 2023


Contents

2006 Act Company1931 Act Company
May be incorporated as limited (by shares, by guarantee, or hybrid) or unlimited (with or without shares)Same
Memorandum and articles of association requiredSame
Only licensed CSP may apply to incorporate a 2006 companyNo similar restriction
Company has separate legal personalitySame
Subscriber shares requiredSame

2006 Act Company1931 Act Company
The memorandum may specify the majority or conditions required to amend it or the articles75% voting majority required to amend articles
The memorandum may authorise the directors to amend the memorandum or the articlesNo equivalent
The memorandum may restrict the company’s activities in any way (but without limiting its capacity)Only specified restrictions permitted (but without limiting the company’s capacity)
Memorandum and articles and changes thereto must be filed with RegistrySame

2006 Act Company1931 Act Company
No distinction between designations; can be “Limited”, “Ltd”, “Incorporated”, “Inc” etcPrivate company designation is “Limited” or “Ltd” and public company is “public limited company” or “PLC”
No distinction between private and public companiesA company which may offer its securities to the public is a public company and has additional requirements as to filings etc
Name is subject to Registry approvalSame
No equivalentName must be displayed outside registered office
Name, number and registered office must be in all written communicationsSame

2006 Act Company1931 Act Company
Shares may be ordinary, convertible, redeemable, preference, non-voting etcSame
Shares may be issued with or without a par valueShares must have a par value
Bearer shares prohibitedSame
Treasury shares permittedSame
Directors may consolidate or divide sharesCompany in general meeting may consolidate or divide shares
Directors may redenominate shares in other currencyNo statutory provision to redenominate shares, and in practice redenomination is complicated
Share certificates optionalSame
Commissions at the rate decided by the directors may be paid for subscriptions for sharesCommissions for share subscriptions limited to 10%
Statutory pre-emption rights may be applied by the articles to the issue of new shares by the companyNo statutory pre-emption rights
No filing requirement in relation to share capitalNotice of consolidation or division of shares, or increase in authorised share capital, must be filed with the Registry
Class rights may be varied with the consent of the majority stated in the articles or 75% voting majoritySame, but 15% dissenters may apply to Court to disapply the variation
No share premium account is requiredShare premium account (undistributable) required
No restriction on issuing shares at a discountIssue of shares at a discount must be approved in general meeting and by the Court
A purchaser which has acquired at least 90% of shares may compulsorily acquire the shares of the dissenting minoritySame

2006 Act Company1931 Act Company
Offering document is required to contain all material informationSame
Directors may be liable for misstatement or omission in offering documentSame
No equivalentRegistry may direct a company to amend an untrue or misleading statement in a prospectus by which securities are offered to the public (unless private placement exemption applies)
Filing of offering document optionalProspectus by which securities are offered to the public must be filed (unless private placement exemption applies)

2006 Act Company1931 Act Company
Distribution of share capital permitted provided a solvency test is satisfiedReduction of share capital not permitted without specified shareholder and Court approval
Company may purchase or redeem its own shares subject to the solvency test and shareholder approval in certain casesPurchase by a company of its own shares is permitted subject to shareholder approval and in some cases solvency and auditor requirements
Shares may be redeemed from any account provided the company passes the solvency testReserves from which redeemable shares may be redeemed are restricted
No equivalent prohibition (subject to the solvency test)Financial assistance for the acquisition of its own shares by a public company prohibited
No equivalent restriction (subject to the solvency test)Financial assistance for the acquisition of its own shares by a private company not permitted if it reduces share capital or share premium
No restriction on share capital being reduced provided the company satisfies the solvency testReduction of ordinary share capital and share premium account only with specified shareholder and Court approval
Company may make any distribution to members it wishes (subject to the solvency test)No equivalent; common law capital maintenance rules apply
Wide statutory definition of “distribution”No equivalent
Directors may be liable for distribution made when company did not satisfy the solvency testDirectors may be liable for dividend made when company did not have distributable profits
Solvency test is (i) able to pay debts in the normal course of business and (ii) value of assets exceeds liabilitiesConcept of “solvency test” not applicable

2006 Act Company1931 Act Company
Must have at least one memberSame for private company (but a PLC must have at least two members)
Must keep register of membersSame
No notice of any trust may be entered on the register of membersSame
The directors may rectify the register of members if satisfied inaccurate, or rectification by the Court available if necessaryRectification by the Court available if necessary to rectify the register of members
Members’ remedies are provided by statute e.g. derivative actions, conduct that is oppressive or unfairly prejudicialMembers’ remedies are largely a matter of common law (e.g. exceptions to the rule in Foss v Harbottle) with a statutory remedy for oppression
Company may elect to file register of members; annual return does not contain details of membersNo requirement to file register of members but annual return must contain identity of members and shareholding
No equivalentStatement that company has only one member must be entered in register of members
No equivalentIndex of members required in certain circumstances
Register of members open to inspection by a member, the IoMFSA and the Attorney GeneralRegister of members open to public inspection
Register of members prima facie evidence of title to sharesSame

2006 Act Company1931 Act Company
Shareholders exercise powers by resolution of simple (50%) majority unless the articles specify a higher majority (this applies to matters such as amending the articles and winding up)Special or extraordinary resolution requiring 75% majority required in certain cases (e.g. amending the articles, winding up)
14 days notice required for shareholder meetings, which may be waived by 90% or smaller percentage stated in articles14 or 21 days notice required.  Table A permits 95% of shareholders to consent to short notice
No equivalentNotice of general meeting must be given to auditor (if any)
Resolutions not required to be filed unless altering memorandum or articlesSpecial, extraordinary and certain other resolutions must be filed
10% of members may require directors to convene meetingSame
Requisitionists do not have statutory power to convene meeting in default of directors doing soRequisitionists have statutory power to convene meeting in default of directors doing so
Telephone or electronic meetings permitted by statuteNo equivalent but can be permitted by the articles
Written resolutions permitted by statuteSame, and it is also possible for the articles to permit written resolutions
Articles may specify the percentage of voting rights required to pass written resolutionWritten resolutions using the statutory procedure must be passed by all members entitled to vote on the matter
No equivalent in relation to the statutory procedureWritten resolution using the statutory procedure must be given to the auditor who may refer it to general meeting (the procedure in the articles need not require this)
No requirement for AGMAGM must be held; except that the members of a private company (not being a charity) may unanimously elect to dispense with AGMs
No equivalentAny member may rescind or suspend such election
Court may order calling of general meeting if otherwise impracticable to do soSame
Member has no statutory right to inspect minutes of general meetings and written resolutionsMember may inspect minutes of general meetings and written resolutions

2006 Act Company1931 Act Company
Remedy available in the event of oppression or unfair prejudiceRemedy available in the event of oppression or disregard of member’s proper interests as such

2006 Act Company1931 Act Company
Must have registered office in the Isle of ManSame
Must have a registered agent in the Isle of Man which must be licensed by IoMFSANo equivalent requirement
Registered agent must give at least eight weeks notice of resignationNo equivalent requirement

2006 Act Company1931 Act Company
Company must keep accounting records and other documents at office of registered agent or send copies every 12 monthsNo equivalent requirement
Company must keep reliable accounting recordsSame, with certain prescribed requirements
Not required to prepare financial statements, but a member or director may demand that they be preparedRequired to prepare financial statements
Member may inspect accounting records if company fails to comply with demand that financial statements be preparedMember not generally entitled to inspect accounting records
IoMFSA and Attorney General entitled to inspect documents and recordsNo equivalent
Not required to have financial statements audited unless securities listedRequired to have financial statements audited unless exemption applies
If financial statements audited, auditor must have the statutory qualificationsAuditor must have the statutory qualifications
If financial statements prepared must give a true and fair view and be in accordance with UK or US GAAP or IFRSFinancial statements must give a true and fair view, must be in accordance with UK or US GAAP or IFRS and contain prescribed details of loans to and remuneration of directors
No equivalent (but restrictions may apply to companies regulated by the IoMFSA or IPA)Restrictions on limitation of liability of auditors

2006 Act Company1931 Act Company
Must make annual return to the Registry of identity of registered agent, registered office and directorsMust make annual return to the Registry of share capital, secured debt, registered office, directors and members (with financial statements in the case of a PLC)

2006 Act Company1931 Act Company
One director may execute a deed for the companyTwo directors or director and company secretary required to execute a deed
No requirement for company secretaryCompany secretary required, who must have a prescribed qualification in the case of a PLC
Must have at least one directorMust have at least two directors
Director may be a body corporate provided licensed as a corporate services providerCorporate director not permitted
Register of directors must be keptSame
Register of directors open to inspection by members, IoMFSA and Attorney General but not by the publicRegister of directors open to inspection by the public
No equivalentCompany must state names of directors in all official documents
Directors must disclose interests in transactionsSame
Company may indemnify director who acts honestly, in good faith and in what he believed was in the best interests of the companyCompany may indemnify director but not for negligence, default, breach of trust or breach of duty
Company may buy D&O coverSame
Company must file particulars of directors with RegistrySame
Director includes “shadow director” for certain purposesSame
Director may be removed by the directors (if articles permit), by resolution (50%) in general meeting or written resolution by 75% of shareholdersBy statute a special (75%) resolution is required to remove a director, but the articles often allow removal by ordinary (50%) resolution
No equivalentDirector entitled to be heard in general meeting on resolution to remove him using the statutory power
No equivalentDirectors must disclose their audited remuneration over the past three years if required by 25% of members
No equivalentContract between company and sole member who is also a director must be recorded in writing or the directors minutes
No equivalentAssignment of office by director must be permitted by the articles and approved by special resolution
Must keep minutes of meetings of directors and membersSame
Must inform registered agent where minutes of directors meetings are kept (if not kept by registered agent)No equivalent

2006 Act Company1931 Act Company
Protected cell company limited by shares permittedSame
Existing company limited by shares may convert to PCCSame
May reduce share capital subject to the solvency testMay reduce share capital with Court approval
No equivalentRestrictions on transfer of cell assets (other than in the ordinary course of business) without a  “cell transfer order” by the Court
SamePCC must inform counterparty to a transaction that it is dealing with a PCC and of the identity of the relevant cell
Failure to so inform counterparty is an offence by the PCC (and by any director who consented or was negligent in relation thereto)Failure to so inform counterparty results in personal liability for directors for that transaction, unless excused by the Court
No equivalentCell cannot (without written consent of all members of that cell) grant security in respect liabilities

2006 Act Company1931 Act Company
Company may but is not obliged to file security interests with RegistryCompany must file specified charges with Registry
Non-filing of a security interest means it will be void as against a liquidator/creditor of the companySame, except that the charges which will be void as against a liquidator/creditor are of a narrower class than “security interests”
Registry may file a security interest late provided winding up has not commencedApplication to Court required to file a charge late
Company must keep a register of security interests, with a copy at the registered agent’s officeCompany must keep a register of charges

2006 Act Company1931 Act Company
1931 Act Company may convert to a 2006 Act company with shareholder consent2006 Act Company may convert to a 1931 Act company with shareholder consent and certain other requirements

2006 Act Company1931 Act Company
Statutory schemes of merger and consolidation permittedNo equivalent

Schemes of arrangement and takeovers

2006 Act Company1931 Act Company
Schemes of arrangement permitted with Court approvalSame
Scheme approved by 75% of members/creditors (and classes thereof) and sanctioned by the Court is binding on allSame
Scheme must be filed with Registry within seven days of Court approvalScheme not obliged to be filed with Registry, but Court approval has no effect until filed
A purchaser which has acquired at least 90% of shares may compulsorily acquire the shares of the dissenting minoritySame
Takeover Code statutorily appliedSame

2006 Act Company1931 Act Company
Foreign company may continue as a 2006 Act Company with Registry approvalForeign company may continue as 1931 Act Company with Registry approval
Company may redomicile out of the Isle of Man with Registry approvalCompany may redomicile out of the Isle of Man with Registry approval
No equivalent provisionsRedomicile of insurance company is possible under the Insurance Act 2008
Statutory declaration by registered agent (continuation) or directors (discontinuation) requiredAdvocate’s certificate required
Registry approval is administrative and takes about two days (depending on workload)Registry approval is discretionary and in a complicated case may take longer

2006 Act Company1931 Act Company
The 1931 Act applies in relation to liquidationSame
Company may be struck off the register by Registry in certain circumstancesSame
Registry may strike defaulting company off register; company is then substantially disabled and will be dissolved after 6 years, but can be restored on application within 12 yearsRegistry can strike off inactive company which is then dissolved, but can be restored on application within 12 years
Company that has ceased to operate and has discharged all its debts and liabilities can apply for administrative dissolutionSame (except for public company)

2006 Act Company1931 Act Company
Any member may apply to Court for the appointment of an inspector to investigate the affairs of the companyMembers holding 33% (of a bank) or 10% (others) of issued shares or Registry may apply to Court for the appointment of an inspector
No equivalentMembers may by special resolution appoint an inspector to investigate the affairs of the company

2006 Act Company1931 Act Company
IoMFSA licensing policy 1 March 2023 states that the IoMFSA will not normally grant a class 1(1) deposit taking licence to a 2006 Act Company unless in exceptional circumstancesNot applicable
The IoMFSA may grant other licences to a 2006 Act Company subject to the company adopting certain 1931 Act requirementsNot applicable
Have been listed on AIM, NYSE and on other marketsListed on LSE main market, AIM and on other markets
Pursuant to IoMFSA guidance note, may be an international collective investment scheme if certain 1931 Act characteristics adoptedNo equivalent IoMFSA guidance note
The IoMFSA Insurers Authorisation Guidance states that it will authorise 2006 Act companies subject to the company adopting certain 1931 Act requirementsNot applicable

2006 Act Company1931 Act Company
Memorandum and articles of association and changes to eachSame
Filing of offering document optionalProspectus by which securities are offered to the public must be filed
No equivalentReturn of allotments of shares must be filed except by an open ended investment company
No equivalentNotice of consolidation, division or cancellation of shares, or redemption of preference shares, must be filed except by an open ended investment company
No equivalentNotice of increase in authorised share capital must be filed
No equivalentCourt order reducing share capital must be filed
No equivalentRegister of debentures open to inspection by debentureholder
Registration of security interests optional (see above)Specified charges must be registered
Order for appointment of receiver of the property of the company must be filedOrder for appointment of receiver or manager of the property of the company must be filed
Annual return required of registered agent, registered office and directorsAnnual return required of share capital, secured debt, registered office, directors and members (with financial statements in the case of a PLC)
Resolutions amending the memorandum or articles must be filedSpecial, extraordinary and certain other resolutions must be filed
Register of directors may be filedRegister of directors must be filed
Register of members may be filedNo equivalent
Registered office must be filedSame
Registered agent must be filedNo equivalent
Certain documents in relation to statutory procedures such as merger, consolidation, redomiciliation etcSimilar
No equivalentVarious filings in relation to share buy-backs

Making application for incorporation
Reserving a name
Filing an offering document which the company elects to file
Receiving and registering stock transfer forms unless another person has been appointed
Give not less than eight weeks notice if it wishes to resign as such
May file notice of change of registered office or registered agent
Keep the constitutional documents, registers and accounting records of the company at its office (or copies of those documents)
Either keep the directors’ and members’ minutes and resolutions, or be notified where they are kept
Service of documents on the company may be effected by being sent to the registered agent
Keep an imprint of the common seal (if any)
Filing annual return
Filing notice of release of a charge
Applying to re-register a 1931 Act Company as a 2006 Act Company
Filing a scheme of merger or consolidation and making it available for inspection
Applying for consent to a foreign company being continued in the Isle of Man
Applying for consent to a 2006 Act Company being discontinued in the Isle of Man
Service of proceedings on a discontinued company or a director may be effected on the registered agent

2006 Act Company1931 Act Company
Registrar may issue certificate of good standingNo power to issue certificate of good standing but the Registry will issue a certificate confirming the details held on the register
Definition of group similarDefinition of group similar
No equivalentInsurance company to prepare and post an annual statement in prescribed form

Registry fees for 2006 Act Company generally the same as for 1931 Act Company

2006 Act Company1931 Act Company
Provided the company does not derive income from a banking business or land in the Isle of Man, it is currently taxed at 0%Same
The profits of the company may be attributed to and taxed on Isle of Man residentsSame

The above material is of a general nature only.  It does not constitute legal advice nor does the distribution or receipt of this material create a client-advocate relationship.  Readers should seek specific advice in relation to any decision or course of action.

Copyright of the above material belongs to Simcocks Advocates Limited and it must not be copied or reproduced in any form without its consent.

This comparison has been prepared by Kevin O’Loughlin, Advocate, who practises in company law, trust law, funds and pension law. Kevin is based in Simcocks’ Corporate and Commercial department, which is led by Irini Newby. If you would like to discuss this document or any other related matter please telephone 01624 690300 or email inewby@simcocks.com or koloughlin@simcocks.com.

This October is breast cancer awareness month and 27 October is Manx Breast Cancer Support Group’s GO PINK day, so staff members dressed in pink, brought in treats to sell and bought raffle tickets in order to raise funds for the charity.

Alexandra won one of the raffle prizes

Some fantastic raffle prizes were kindly donated by local companies Suki Beauty, Appointment at 21, Shoprite, Wine Down and Tynwald Mills.

Booby Bear paid a visit to the office to encourage fundraisers, who amassed over £238 for the charity.

For more information on the amazing work the charity does visit manxbreastcancersupportgroup.com

Simcocks is pleased to announce that Director Alex Spencer and Head of Litigation and Dispute Resolution Chris Brooks have been ranked in Band 2 by the Chambers & Partners UK Guide 2024. Furthermore our team has been ranked Band 2 in Corporate & Finance.

Feedback to the independent directory included:

“The team is always available and really helpful in dealing with challenging deal timelines.”

“The team is extremely professional and knowledgeable in all areas of expertise.”

Chambers & Partners sources said this of Alex:

“Alex is great. He’s a really reliable and trusted adviser. His input is always clear, to the point and has helped us complete deals within challenging timescales.”

Another source said of Chris:

“Chris is excellent at managing technical and difficult litigation.”

Law firms and individual lawyers are ranked in bands from 1-6, with Band 1 being the best. The qualities on which rankings are assessed include technical legal ability, professional conduct, client service, commercial astuteness, diligence, commitment, and other qualities most valued by the client.

Simcocks Advocates is proud to announce that the firm has once again earned Top Tier status by independent directory the Legal 500 in its 2024 rankings, published on 4 October.

Led by CEO Phil Games, the Private Client department at Simcocks’ is ranked in Tier 1 by the group, placing it among the best on the Island and globally.  Feedback from the research that is conducted in over one hundred jurisdictions included this comment about the Private Client team:

“Simcocks is a long established firm with an excellent reputation on the Island.”

Other departments highly ranked are Banking & Finance, Commercial Property, Shipping & Aviation, Dispute Resolution, Corporate & Commercial and Insurance & Pensions.  Testimonials include:

“Extremely knowledgeable in many areas of expertise.”

“Highly responsive, dedicated litigators.”

“Effective delivery on large and complicated Isle of Man litigation cases. Great team players.”

Directors Irini Newby, Phil Games and David Spencer have been placed in the Legal 500 Hall of Fame UK, a sought-after commendation that indicates “exceptional legal talent”.  Director Alex Spencer, and advocates Caroline Jennings and Kevin O’Loughlin are all ranked as “Leading Individuals”.  Several other advocates have been named “Recommended Lawyers”, including Elizabeth Simpson:

“Elizabeth Simpson is simply outstanding; a great litigator who fights for her clients. Very thorough and highly responsive. In particular, her understanding of litigation involving the Isle of Man life assurance industry is unrivalled.”

And Family Law advocate Louise Byrne:

“Louise Byrne is the stand out family practitioner on the Isle of Man. She is in a class all by herself. … Louise exudes confidence and puts her clients at the very forefront of her case strategy. Her experience and standing within the Isle of Man legal market allows her clients to feel totally reassured and understood.”

CEO Phil Games commented on the Legal 500 rankings:

“I’m delighted that Simcocks has been recognised as a top player and has garnered so many wonderful comments about our teams and individual advocates. The Legal 500 is a reliable and useful indicator of the standards of law services available worldwide, and we really do appreciate a high ranking by the directory.”

Simcocks has appointed wealth management expert, Kevin Walmsley, as a Probate Manager in its Private Client team.

Kevin has had a prestigious career working within the trust and estate planning industry spanning almost four decades.  He was a Vice President at Barclays Trust Company then Barclays Wealth, and latterly a Director of Zedra Group, before taking a well-deserved break from work.  He has been tempted back to work at Simcocks, a firm that prides itself on making work/life balance a priority for its staff members.

Kevin has extensive knowledge and background in trust and estate industry dealing with Isle of Man and international aspects and assisting clients and advisors with a wide range of succession matters.  He is a member of the Society of Trust and Estate Practitioners and past board member and Chairperson of its Isle of Man Branch. 

The Simcocks Private Client department is ranked Top Tier by the Legal 500 and Band 1 by Chambers & Partners, the only law practice in the Isle of Man to do so.  Kevin will work closely alongside Phil Games, CEO and Head of Private Client, as well as Probate Manager Laura Connolly and solicitor Alexandra Chambers.

Phil Games commented on the appointment:

“We’re very pleased that Kevin has agreed to join our team.  I’ve always had a great deal of respect for him, and I’m confident the knowledge and experience he brings will be invaluable.”

Simcocks Advocates is proud to announce that it has once again received exceptional rankings from Chambers & Partners in its 2023 High Net Worth guide, which awarded the firm a Band 1 ranking.  Simcocks is the only Island practice to rank in Band 1 in this guide, and has the most recommended advocates within the jurisdiction, with two of the Private Client team receiving Recommended Lawyer status.

Simcocks has been ranked in the highest category under Offshore Trusts with a special mention to advocates Phil Games and Kevin O’Loughlin. The independent directory includes the following feedback on the company:

  • “I know that they have good private client advisory experience and trust law experience.”
  • “They have excellent knowledge and experience in trust-related matters.”

Law firms and individual lawyers are ranked in bands from 1-6, with Band 1 being the best. The qualities on which rankings are assessed include technical legal ability, professional conduct, client service, commercial astuteness, diligence, commitment, and other qualities most valued by the client.

Simcocks has a dedicated Trusts team for both non-contentious and contentious matters, acting for both corporates and private clients. The team work on the creation, administration and restructuring of trusts and foundations, advising a mixture of corporate trustees, high net worth families and individuals. They also liaise with the firm’s litigation department on contentious matters relating to trusts.

CEO Phil Games, who is head of the Private Client team at Simcocks, received a Band 1 ranking, and is well respected for his private client practice. One Chambers source says:

“Phil is pragmatic and very easy to work with. He produces innovative solutions from his vast experience of dealing with many different types of private client matters.”

Kevin O’Loughlin received a ‘star’ ranking, given to lawyers with exceptional recommendations in their field. A Chambers source has commented:

“Kevin is a very good technical trusts lawyer.”

Phil Games said:

“We’re delighted to have the privilege of being ranked in this prestigious directory once again.  Our Private Client team works hard to provide a high level of service, detailed technical knowledge and practical advice.  Ranking as Top Tier in Chambers & Partners is a great recommendation to those searching for quality legal advice, so we appreciate the honour.”

We often hear our clients say “it is just something I have never got around to doing”, “I didn’t want to tempt fate by talking about my Will” or “it’s not something I like to think about”.

Making a Will is one job for another day that you really must stop putting off and do something about, today. It is a common misconception that making a Will is something you do when you are elderly or once you have something to leave. In reality, a Will is something we all must put our minds to no matter what stage of life we are at. You may believe that everything will go to your spouse or civil partner and that you do not need a Will but this is not always the truth, and it certainly is not the case that there is a “common law marriage” and everything will pass to your partner automatically.

If you die without a Will, the rules of intestacy will dictate what happens to your estate and who inherits. If you have a spouse or civil partner and children, the first £250,000 of your estate, together with your personal possessions, will pass to your spouse/civil partner. The remaining balance of your estate will be split 50% for your spouse/civil partner and 50% for your children when they attain 18 years of age. If you are not married or in a civil partnership, none of your estate will pass to your partner, instead your estate would pass to your children, and if you do not have children, to your family, depending who survived you, this may be your parents, siblings, grandparents, aunts/uncles or cousins. If you do not have any surviving relatives, your estate would pass to the Crown. The rules of intestacy are unlikely to accord with your wishes.

However, in your Will, you can remain in control of your estate by directing who is to be responsible for collecting in your assets, paying off your debts and liabilities and then distributing your estate in accordance with your Will. You can decide who is to inherit what from your estate and can even include a disaster provision to direct where your estate is to pass should all your loved ones have died before you, such as a gift to your favourite charity or charities. This may be particularly useful if you would not want distant family members whom you may never have met to inherit your estate (or worse, someone with whom you do not see eye to eye!).

You may want to protect your children’s inheritance by ring-fencing your share of your house (and perhaps other assets) rather than giving this to your spouse outright. If your share of your house were to be gifted to your spouse outright, this would then form part of your spouses’ own estate which can be gifted per the terms of their own Will as they please (for example, your spouse could remarry and sign a Will leaving everything to their new spouse). Similarly, you may have re-married and would like your new spouse to live in your house if you were to die first, but ultimately you would like your own children to inherit your share of the house when your spouse has died rather than your spouse being able to gift the entire house by the terms of their own Will. Simcocks can advise you as to which Will best suits your needs, taking into account your personal circumstances.

Once you have your Will in place, it is a good idea to keep it under review every 3 to 5 years, or on significant life events such as a birth, a death or marriage (marriage revokes an earlier will) to ensure your Will accurately reflects your wishes.

Contact us today on 690300 to arrange a no obligation initial appointment to discuss your Will.

Author: Alexandra Chambers

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