Executors Navigating The "Perfect (Company) Storm"

Corporate governance has become one of the most hotly debated topics in recent years. Whether it be board diversity, corporate culture or succession planning, directors across the world have hugely diverse opinions. But what happens when there is no-one to steer the ship?

Companies with sole directors, members, resident agents and company secretaries are less frequently encountered, but cannot be left "in limbo" if the worst is to happen and the sole individual holding those roles dies. Without someone to progress the company's interests, bank accounts are likely to be "frozen", regulatory filings missed and the viability of the substantive business threatened.

This was the novel conundrum facing Guernsey's Royal Court in a recent application brought by Appleby on behalf of an executor. The estate's assets included a number of companies, many of which were left without a director, member, resident agent or company secretary upon the untimely death of their