Introduction
Solvency test
Standing and process
Purposes of administration
Effects of administration order
Administrator's duties and functions
Remuneration and swearing in of administrator
Introduction
The Companies (Guernsey) Law, 2008 (“Companies Law”) provides for companies, protected cell companies (“PCCs”), incorporated cell companies (“ICCs”) and cells of PCCs and ICCs to be placed into administration and for an administrator to be appointed to manage that entity's affairs whilst the administration order remains in force.
In In re Crumbs Bake Shop, Inc., No. 14-24287 (Bankr. D.N.J., Oct. 31, 2014), Judge Michael B. Kaplan of the U.S. Bankruptcy Court for the District of New Jersey held that trademark licenses may be entitled, under a bankruptcy court's equitable powers, to the protections of Section 365(n) of the United States Bankruptcy Code, 11 U.S.C. § 101 et seq.
In September 2012, Grant Thornton were appointed by the Royal Court of Guernsey as joint administrators of a Guernsey company called Montenegro investments limited (MIL) - a Guernsey property Investment Fund.. The joint administrators then appointed Ogier.
Current Status of MIL