What we do
Cell structures
Vehicles where separate pools of assets have to be kept apart under one roof.
What the work is
A cell company allows several pools of assets to sit inside one legal entity with statutory segregation between them, so that a liability arising in one cell does not reach the assets of another. It is used where a single vehicle serves several funds, several investors or several asset classes and the cost of separate companies is not justified.
The segregation is statutory, which means it holds where the statute is recognised and is untested where it is not. The practical work is on whether the counterparties who matter will respect the cell boundary: a bank, a lender, a court in a jurisdiction that has no cell company concept of its own.
Where the segregation is the whole reason for the structure, separate companies are often the more honest answer, and we will say so.
Where the boundary sits
Establishment is a regulated step carried out by licensed firms. Our work is on whether a cell structure is the right instrument, and on how it sits in the wider arrangement.