Practice Direction No.3 Of 2015 Direction On Administration And Liquidation Costs And Procedure

The Royal Court of Guernsey has issued a Practice Direction pertaining to the information required when applying for the appointment of an administrator or liquidator in Guernsey.

The Companies (Guernsey) Law 2008 (as amended) (the 2008 Law) governs corporate insolvency proceedings in Guernsey. It provides that the remuneration of insolvency office holders be "fixed by the Court". Historically, the established practice in applications of this type was for fees to be fixed by reference to a schedule of hourly rates provided by the office holder with a detailed fee statement being examined at the conclusion of the process. In many cases, detailed statements were prepared in accordance with the English Statement of Insolvency Practice number 9 (SIP9).