IP Qualifcation Profiles January 2011 - Guernsey

In a désastré, (ie an informal insolvency procedure where the assets of the debtor are distributed pro rata amongst his or her creditors) the insolvency is administered by one of the creditors under the supervision of the court. Where an individual is declared insolvent, a committee of creditors is appointed to follow the insolvency process. There is no separate regime in respect of the insolvency of an insurance company.