Private wealth structures are not immune from insolvency. Here we examine the Jersey and Guernsey position from the trustee's perspective and consider the issues with which a trustee needs to be familiar.

Test for insolvency

On June 8, 2011, Governor Andrew M. Cuomo announced the appointment of Assemblyman Jonathan Bing to serve as Special Deputy Superintendent of the New York Liquidation Bureau, an agency tasked with protecting policyholders and creditors of insurance companies that have gone bankrupt.  Bing steps in as the successor to Dennis J. Hayes, who was appointed to the position in September 2009.  Bing’s appointment ends his fifth term in the New York State Assembly, where he has represented the 73rd District since November 2002.