Proposed changes to Guernsey Insolvency laws
The Guernsey States of Deliberation have approved changes to the Companies (Guernsey) Law, 2008 (the “Companies Law”), which include several key changes affecting insolvencies in Guernsey. The process of drafting the amendments will now commence, and final approval of draft legislation is likely to be in mid 2013. The key proposed changes are outlined in this briefing.
A company struck off under part XX of the Companies Law (for example, as a result of not submitting annual returns) may be restored, by making an application to the Royal Court. Historically, however, no such power exists where the company has been dissolved as a result of a winding up.
This has caused difficulties for liquidators, faced with the discovery of further assets after the company has been dissolved. Currently such assets are automatically property of the crown, and cannot be recovered. The Guernsey court has historically taken the view that it has no power to restore a company dissolved following a winding up. Accordingly, the proposed change will give the Royal Court additional powers to assist liquidators in this process…
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