In respect of reform of Guernsey’s corporate insolvency laws, the Department has decided against introducing a single insolvency law and instead to amend the Companies (Guernsey) Law, 2008 to facilitate the following key changes:

The introduction of Insolvency Rules;

A requirement that liquidators be independent in an insolvent voluntary winding up;

Set out the general objectives of liquidation;

Allow for greater information gathering powers by insolvency officeholders, including the ability to examine current and former directors;

Introducing a provision to claw back transactions at undervalue and disclaim onerous assets;

The introduction of a statutory duty on administrators and liquidators to report to the relevant authorities misconduct on the part of directors and officers of a company;

The introduction of a process to establish and rank claims in a liquidation; and

The express power for administrators to make distributions to all creditors where these are in accordance with the objects of the administration.

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