Employment Law

"Due to popular demand" GOUGH | advocates has set up an Employment Law Department led by Charles Coleman, with input from Alan Gough.

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Treasury not liable for depositors’ costs

In a hard fought argument in the High Court it was held that the Isle of Man Treasury, for whom GOUGH | advocates acted, should not be liable to pay or contribute to the costs of the vocal Depositors Action Group (DAG”) - a body of depositors who opposed the Treasury promoted Scheme of Arrangement for the insolvent Kaupthing Singer & Friedlander (Isle of Man) Limited (“KSF IOM”).

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Gough & Co Incorporates

On 1st June 2009 the partnership formerly known as Gough & Co incorporated and became GOUGH Advocates Limited. This follows the modern trend whereby law firms are taking advantage of the benefits of incorporating their partnership into a limited liability legal entity.

Floating Assets

In an unprecedented leave of absence Alan Gough was not in the office or the Courts during August 2009.

He took the month off to sail his boat "Recluse" on the next leg of its passage to its home port in Douglas from Palma, Majorca.

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Gough Afloat

On 3rd September 2009, Stephen Mann of GOUGH | advocates attended the Isle of Man Yacht and Aircraft Conference at Barclays, Canary Wharf, London as one of the Isle of Man’s key representative speakers where he explained the intricacies of corporate structures for jet ownership under the Isle of Man flag including: Client Confidentiality, Protection of Assets, Possible Structuring Methods, Family Wealth Management Plans, Liaison on Legal and Tax Advice Considerations.

In the last 12 months GOUGH have been involved in a number of shipping matters, both contentious and non-contentious and maintain a presence with the Isle of Man Shipping Association.

To read Stephen Mann’s full article, click here...

Decline of the Civil
Justice System - by Alan Gough

"It is no great exaggeration to suggest that the Civil Justice system faces a crisis. The cost of pursuing justice through the Court system has become prohibitive for all but the wealthy. Delay is endemic. Disputes have become overly complex, their resolution protracted. The number of civil trials is declining dramatically. Many individuals and businesses are fleeing the Civil Justice system and finding alternative methods of resolving disputes. A lack of cases may be hampering the organic evolution of legal principles on which the rule of law depends.

Problems are not just limited to the civil arena. The management of criminal trials is becoming more difficult and cases more protracted. Our justice system risks collapsing under the weight of its own inertia or becoming an irrelevancy to a majority of citizens".

How the recession is a good thing for the offshore fiduciary services industry.

How has the recession affected offshore fiduciary services? This is one of the questions that both clients and intermediaries often ask. The offshore fiduciary industry has undoubtedly been affected by the recession. It can be more difficult to obtain financing for investments and where it is available, it is not available at the levels of previous years. Clients who have a large asset base in property, especially those who are highly leveraged, may have experienced depreciation in their asset value, together with cash flow difficulties as the banks call back on loans already made. However, change is not necessarily a bad thing.

The global recession has made the global economy take a long hard look at itself. The days of wild excess are behind us, but this should now mean that we get back to good quality ‘real’ business being the order of the day.

For the entrepreneurs of the moment, the contraction of the economy is bringing some very interesting opportunities which would not have been available 18 months ago. Investment opportunities are everywhere and for the savvy businessman, money can still be made as long as you are willing to take a risk.

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Douglas Yacht Club

GOUGH | advocates are much involved in the marine and aviation business which it has successfully integrated into its wider financial services area. In recognition of its links in the boating world we are happy to sponsor DOUGLAS YACHT CLUB which is looking to expand their facilities to accommodate an increasing demand from local owners and the many visitors arriving to our shores.

An eight week racing series is to take place each Sunday from the beginning of August around the island's coast which gives GOUGH | advocates the opportunity to support the Yacht Club and its ambitions.

We are pleased to be associated with this event.

Keeping it in the family

July saw the welcome return to the office of Alan Gough’s daughter, Helen who has been attending a Solicitors final course in Chester over the last year. We are delighted to announce that Helen passed the course with flying colours and was awarded a commendation. She has now applied to the Manx Bar to become an Advocate with the uncommon situation of having her father as her principal. Big shoes to fill but we’re sure she’s up to the challenge.

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