ARTICLE · 04 NOVEMBER 2020
Jersey Corporate Insolvency Procedures
The financial impact of the COVID-19 pandemic has put pressure on a wide range of structures and, as a result, lenders, borrowers and other counterparties are looking more closely...
JerseyInsolvency/Bankruptcy/Re-Structuring
The financial impact of the COVID-19 pandemic has put
pressure on a wide range of structures and, as a result, lenders,
borrowers and other counterparties are looking more closely at the
impact of possible insolvency proceedings. As Jersey companies are
often used in cross-border finance transactions, it is important to
be aware of the differences between Jersey and English insolvency
procedures for companies trusts and limited partnerships.
What are the main Jersey insolvency procedures for a Jersey
company?
These are:
- a creditors' winding up under the Companies (Jersey) Law
1991 (the "Companies Law"). This is commenced by a
special resolution of the shareholders. The procedure is broadly
similar to a creditors' voluntary winding up under the UK
Insolvency Act 1986; and
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