Harris Appointed to Insolvency Rules Committee
Andrea Harris, Director of KRyS Global Guernsey, has been appointed as a member of the Insolvency Rules Committee. Andrea’s appointment is recognition of her technical knowledge of Guernsey Insolvency law and her vast experience in the Guernsey insolvency and restructuring market, including administration, liquidation, regulatory and consulting roles.
The appointment has been made by the States of Guernsey’s Committee for Economic Development in anticipation of the Insolvency Ordinance coming into force, to allow the Committee for Economic Development to formally consult the Insolvency Rules Committee for the purposes of Section 426B of the Companies (Guernsey) Law, 2008 (as amended), so that the Insolvency Ordinance an the Companies Insolvency Rules may come into force at the same time.
The Insolvency Ordinance is an important development of Guernsey’s company law framework and aims to modernise Guernsey’s insolvency regime. Key amendments include:-
- Powers of an Administrator to make distributions during administration, and to apply for dissolution to finalise an administration (whereas it is currently necessary for companies to move from administration to compulsory liquidation prior to being dissolved)
- Differentiation between solvent and insolvent voluntary liquidations, and the requirement to appoint an independent Liquidator if the company is insolvent
- Powers of a Liquidator to disclaim onerous property and request a Statement of Affairs from certain persons involved in the day to day administration of the Company
- Ability of the Royal Court to wind up non-registered Guernsey companies
- An exemption for Liquidators to comply with the preparation of audited accounts
If you’d like to find out more about the Insolvency Ordinance or the Insolvency Rules Committee, please contact Andrea at Andrea.Harris@KRyS-Global.com.