The published judgment in Abbey Forwarding[1] will not make for comfortable reading for HMRC. Having instigated the winding up of a profitable business, which led to the dismissal of 23 employees, and accused  innocent directors of fraud, HMRC then withdrew all assessments made against the company and attempted to avoid undertakings it had given to the court when seeking the original winding up order.

Hopefully you have received previous updates from us in relation to the Channel Islands Stock Exchange (CISX) and the proposed restructuring of the CISX.

Guernsey scheme of arrangement

I am pleased to confirm that we now have confirmation that the restructure of the CISX by way of a scheme of arrangement was approved by the Royal Court in Guernsey last Friday.

The recent decision of the English High Court in the case of Fry v Sherry [2012] (In the matter of Ruscoe Ltd (In Liquidation)) serves as a timely reminder of the potential personal liabilities faced by directors should they breach their fiduciary duties. 

Summary of the facts