Introduction
With the continuing development of sophisticated cross-border financial transactions, certain contractual practices have evolved and, with the passage of time, become recognised as standard in the relevant marketplace. Financial centres such as Jersey monitor such developments with a view to implementing policy and/or legislation as may be required or desirable to maintain and enhance the reputation of Jersey as a jurisdiction of choice for such cross-border transactions.
A Jersey company or one of its creditors may wish the company to be placed into administration in England under Schedule B1 of the UK's Insolvency Act 1986 (the "Act").
A temporary Scheme was introduced in March 2009
The purpose of the temporary Scheme is to ensure that former employees of insolvent businesses receive a reasonable amount of compensation promptly, where they are owed money by their former employers.
In a White Paper published on 03 December 2009 the States proposed to introduce a permanent Scheme. The deadline for respondents to submit their views was Friday 05 February 2010
A Jersey company or one of its creditors may wish the company to be placed into administration in England under Schedule B1 of the UK's Insolvency Act 1986 (the "Act").