Recognition Of Foreign Insolvency Office Holders In Guernsey

Introduction

Insolvency office holders appointed in foreign jurisdictions often need to come to Guernsey to recover assets of the insolvent entity which are being held in the jurisdiction. Part of that process will involve recognition of the officer holder's proceedings in question by the Royal Court of Guernsey ("Royal Court") which will then, in many circumstances, enable the office holder to take the recovery action in question as if it were his home jurisdiction. As Guernsey is not part of the European Union, and as it currently has no plans to adopt the UNCITRAL model law of cross- border insolvency, the foreign office holder has two options when seeking recognition from the Royal Court, depending in which foreign jurisdiction the insolvency proceedings have been opened.