Insolvency work is back with a vengeance in Guernsey – and
it's not predicted to slow down.
That's the view of Ogier partner Mathew Newman, who
highlights the different types of work underway in this month's
BL Global:
- Large-scale restructurings under a
scheme of arrangements or administration order
- Property holding companies or
investment funds whose loan to value ratios have gone the wrong
way, leaving them insolvent
- Fraud and asset tracing work,
sometimes with a Guernsey holding company but often with a foreign
insolvency practitioner trying to recover assets or information
held in Guernsey
He says: "We're seeing a lot more work for company
boards, who are concerned about their own positions when the
company is on the brink of insolvency, and also for creditors
looking to enforce their debts. Occasionally we might also get a
good old-fashioned contested winding up application."
