The Supreme Court of Gibraltar has confirmed that the court does not have the power to extend the time for the filing of an application to set aside a statutory demand issued under the Insolvency Act 2011.

A party that claims it is owned monies (the amount must be more than £750) is entitled to issue a statutory demand against the debtor. If the debtor does not apply to the court to set aside the demand within 21 days of being served, the court has no power to extend the time for doing so.

The Insolvency (Cross Border Insolvencies) Regulations 2014 (“the ICBIR”) provides an effective mechanism for dealing with cases of cross-border insolvency. It gives effect to the provisions of the UNICITRAL Model Law and also the EC Insolvency Regulations, which Gibraltar continues to apply in full even post Brexit.