The insolvency regime in Jersey is an interesting mix of English
law and Norman customary law influences. Jersey has four principal
methods of winding up a
company:
- Summary winding up;
- Creditors winding up;
- Just and equitable winding up; and
- Désastre
Whilst there are limitations to the insolvency options available
in Jersey, for example the absence of an administration process,
the Royal Court has shown itself to be willing to take a pragmatic
approach when
dealing with corporate insolvencies to enable the best possible
outcomes for creditors.
The two areas in which the Royal Court has most frequently shown
its willingness to assist creditors are (i) in relation to the
recognition of foreign officeholders and (ii) the use of the just
and equitable winding
up regime. This article however focuses on the use of just and
equitable winding up in Jersey and the flexible approach the Royal
Court has adopted to this regime.
This article first appeared in Volume 16, Issue 3 of International Corporate Rescue and is reprinted with the permission of Chase Cambria Publishing - www.chasecambria.com
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.
