Extrajudicial Debt Settlement Procedure and Officers’ Liability in Debt Restructuring June 21, 2017 The long anticipated extrajudicial debt settlement procedure (the “EDS Procedure” or “EDS”) was introduced by Law 4469/2017 to provide an additional option for the rescue of indebted businesses at an early insolvency stage. The current pre-insolvency regime includes the rehabilitation procedure of Law 3588/2007 (the “Greek Bankruptcy Code” or the “GBC”), most recently revised at the end of 2016, and the special administration procedure of Law 4307/2014.
This briefing note provides an outline of the different processes of voluntary and compulsory winding up under the Companies (Guernsey) Law, 2008 (as amended) (the “Law”). It does not cover striking off companies or the specific provisions on winding up of protected cell companies and incorporated cell companies. Further information on the effect of the Law on the winding up of these company structures can be found in our separate briefing notes on those subjects.
The mechanics of a voluntary winding up
The memorandum has been prepared on the basis of the law and practice in Guernsey as at 1 April 2010.
Introduction
Introduction
Under the Companies (Guernsey) Law, 2008 (the “Companies Law”) there are two procedures available for the voluntary dissolution of a Guernsey company. A Guernsey company may be dissolved either by way of a “voluntary striking off” or a “voluntary winding up”. We set out below the details of each procedure.
Our Restructuring and Insolvency team has had further significant success, recently securing the discharge of an administration order over a Guernsey Protected Cell Company to facilitate its voluntary winding up. The team, led by Guernsey based counsel David Jones and including associate Luke Sayer, acted for local insolvency practitioners Tim Le Cornu and Andrea Harris of KRyS Global.
To our knowledge this is the first time that the Royal Court of Guernsey has ordered that an administration order in Guernsey be discharged so as to facilitate a voluntary winding up.
Alan Roberts (the Liquidator) was the liquidator of both Kingston Management (Guernsey) Limited (KMGL) and Amazing Global Technologies Limited (AGTL). He was appointed on 27 May 2009 and 31 May 2010 respectively.
Introduction
The Royal Court has recently given clear guidance on the application of the principle of modified universalism to insolvency matters in Guernsey. The case of EFG Private Bank (Channel Islands) Ltd v. BC Capital Group (in liquidation) & Ors [34/2013] will have significant consequences for cross- border insolvencies with a Guernsey element, as it sets out for the first time the principles which the Royal Court should consider when assessing the nature and extent of its obligation to provide “active assistance” to foreign insolvency proceedings.
A recent case heard before the Royal Court in Guernsey has provided clear guidance on the application of the principle of modified universalism to insolvency matters in Guernsey.
Introduction