Commerce and Employment Department’s response to the Insolvency Law Consultation
Click here for the response.
Practice Direction 5 of 2015, Guernsey
A Practice Direction regarding sittings of the Royal Court and the establishment of a Commercial Court sitting twice a month, commencing 1 January 2016 can be found here.
Practice Direction - 19 August 2015
A Practice Direction in relation to Liquidator and Administrator fees issued by the Royal Court of Guernsey can be found here.
INSOL International - Collection of Practical Issues Important to Small Practioners - Guernsey
INSOL International sincerely thanks Andrea Harris and David Jones for providing INSOL members with this very informative paper on Guernsey.
The paper can be found here.
Legal & Regulatory Update - February 2015
One of the objectives of ARIES from the beginning, has been to contribute to the development of insolvency law and practice in our jurisdictions. With both Guernsey and Jersey contemplating changes to the law, ARIES has made a positive contribution to the debate and is being seen as an important part of the consultation process.
Debate continues in Jersey on the merits of reforming the insolvency law and in particular the introduction of a rescue remedy. The Jersey Legal & Regulatory Committee (L&R) worked hard on making a substantive submission in November 2014 in response to a discussion paper commissioned by the Financial Services Unit of the Chief Minister's Department regarding reform of Jersey's law of corporate insolvency. A copy of the response can be found on the ARIES website, and by clicking here.
Meanwhile, the Guernsey L&R Committee has compiled a summary of the views of ARIES members in response the Department of Commerce and Employment’s Consultation Paper on Insolvency Law reforms. A copy of the ARIES response is available here. The L&R Committee have advised that overall the responses were consistent, with very few divergent views. This is positive and demonstrates that on the whole our members are “on the same page”.
The "1904 Law"
The Jersey Legal and Regulatory Committee members have been active recently reviewing proposed amendments to Loi (1904) (Amendment No .2) sur la propriété foncière (the "1904 Law"). A response paper has been submitted to the Attorney General after a number of meetings were held to agree the ARIES submission. A copy of the response can be found at the bottom of this section.
The committee is putting together a response to a discussion paper prepared for the Chief Minister's Department regarding reform of Jersey's law of corporate insolvency,which has looked in particular at whether Jersey should introduce a formal rescue /reorganisation procedure. Further consultation on this project will be held in the next couple of months, including a response on the CMD’s proposal.
In Guernsey the Consultation paper on proposed changes to insolvency law is expected to be released by Commerce and Employment to the wider community soon. We propose holding meetings to discuss a formal ARIES response, once the paper is available. All members will be invited to attend to provide input, again with a view to submitting an 'ARIES view' of the proposals.
A copy of the paper is available here.
Graham Review into Pre-pack Administration
Click here for the link.
Jersey Law Resources
Channel Islands legal text books can be a useful source of reference. Three books that may
assist you or your clients and colleagues are:
"Jersey Insolvency and Asset Tracking" (5th Edition)
The 5th edition and its updated Supplement of "Jersey Insolvency and Asset Tracking" is now available. This publication is recognised as the leading authority on Jersey insolvency law and its application. Co-authored by Advocate Anthony Dessain of Bedell Cristin and the Viscount of Jersey, Michael Wilkins MBE, the book is an invaluable resource for advocates, barristers, solicitors, accountants, bankers, regulators, directors, trustees, administrators and other professionals and insolvency practitioners whether working in Jersey or elsewhere.
You can order your copy online here.
"Dunlop on Jersey Company Law" by Advocate Mark Dunlop of Bedell Cristin
This is the leading and only comprehensive book on Jersey company law and provides details as to the many similarities and the differences between Jersey and English company law. It is essential reading for all those involved with a Jersey company. Published 2013
Click here for the order form.
The Institute of Directors (Jersey Branch) "Guidelines for Jersey Directors" edited by Anthony Dessain and James Campbell of Bedell Cristin
This book on the legal, regulatory and good practice requirements affecting directors generally is intended to maintain and enhance the profitability, success and commercial reputation of each company involved. The book takes a practical approach and is written in a straightforward and easy to understand style in this complex area. It is designed to increase standards and remove and reduce the risks and liabilities that can apply to individual directors. Published 2014
Click here for the order form.