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.

Read More





Twitter LinkedIn Email Save as PDF
More Publications
30 Jul 2021 |

Fighting international fraud

First published in New Law Journal, July 2021. Appleby partners Anthony William and Jared Dann an...

Contributors: Jared Dann, Claire Corkish
20 May 2021 |

The Gender Pay Gap Debate – a response to comments on social media

As a lawyer the majority of articles we write are about a particular case or a legal issue – which...

4 May 2021 |

New Private Investment Funds in Guernsey

In December 2020, the Guernsey Financial Services Commission (Commission) published a consultation p...

Contributors: Oratile Jonas
16 Mar 2021 |

Guernsey Structures - The Cannabis Investment Conundrum

Jurisdictions around the world have adopted different positions in relation to the legality of the c...

12 Mar 2021 |

Material adverse change clauses in light of the Covid-19 pandemic

Experts from each of our key global offices provide jurisdiction specific advice and answer question...

8 Mar 2021 |

Appleby Celebrates International Women’s Day

International Women’s Day is celebrated annually in support of gender equality and equal participa...

23 Feb 2021 |

Fit and Proper in the Channel Islands – A Regulatory Enforcement Update

It is sometimes easy to forget with all that has happened over the last 12 months that there was a w...

27 Jan 2021 |

Levies, registration and all that jazz

Regulatory markets evolve at various speeds and the data protection regime is one example of a marke...

6 Jan 2021 |

Executors navigating the “perfect (company) storm”

Corporate governance has become one of the most hotly debated topics in recent years. Whether it be ...

Contributors: Paula Fry