Directors’ concerns: facing insolvency and wrongful trading
During the lifetime of a company some of the most difficult problems that a director faces are encountered if the company is in financial difficulty. Jersey does not have any rescue regime or regime for the protection of companies in financial difficulty from their creditors. If a company becomes unable to meet its debts as they fall due, the main options available to it are insolvent winding up under the Companies Law 1991 and a declaration by the court that the property of the insolvent company is endésastre under the Bankruptcy (Désastre) (Jersey) Law 1990.
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News from Mourant Ozannes
Briefings from Mourant Ozannes
In March 2011 our Jersey office reported on the death of ‘Hastings-Bass’ in the UK as a remedy for trustee ‘mistakes’.
The Review of Financial Advice (RFA) is the Jersey Financial Services Commission’s response to the UK Financial Services Authority’s Retail Distribution Review (RDR).