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Guernsey Companies Law - Compulsory Winding Up of Companies

August 2009 - Corporate & Commercial. Legal Developments by Ogier .

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The (Guernsey) Law, 2008 (the “Companies Law”) came into force on 1 July 2008 and contains provisions in relation to the nature, type, establishment and conduct of Guernsey incorporated companies (“Companies” or “Company” as the context requires), including limited liability companies (“Ltds”), companies limited by guarantee (“LBGs”), protected cell companies (“PCCs) protected cells (“PCells), incorporated cell companies (“ICCs”), incorporated cells (“ICells”), unlimited liability companies and mixed liability companies (“MLs”).

The Companies Law also contains provisions for winding up a Company. Winding up is the process by which the affairs of the Company are brought to an end, its assets realised, its liabilities determined and any available funds distributed to those legally entitled to them subject to the general law concerning preferences and preferential payments. Under the Companies Law winding up of a Company may be voluntary or compulsory.

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