This Spring will see the introduction of a number of landmark
developments in Jersey's statutory insolvency regimes, which
will further solidify Jersey's reputation as a leading offshore
location for businesses.
Following a consultation process by government, the Jersey
legislature has now approved a number of important changes to the
corporate insolvency regimes under the Companies (Jersey) Law 1991
(the "CJL").
Key among those changes is the creation of a new insolvent
company winding-up regime, referred to as a "court ordered
creditors' winding-up", which will, for the first time in
Jersey, enable creditors to commence a winding-up of an insolvent
company under the CJL. This new regime will sit alongside the
existing winding-up regimes under the CJL and the désastre
regime under the Bankruptcy (Désastre) (Jersey) Law 1990,
and will therefore introduce a further layer of protection and
flexibility to creditors and companies seeking to commence an
insolvency
