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ARTICLE · 18 JANUARY 2010

Judicial Guidance For Directors

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The jurisdiction of the Royal Court pursuant to Article 155 of the Companies (Jersey) Law 1991 (the "Law") was examined by the court in the context of a winding up application on behalf of Poundworld (Jersey) Limited ("the Company") earlier this year.

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The jurisdiction of the Royal Court pursuant to Article 155 of the Companies (Jersey) Law 1991 (the "Law") was examined by the court in the context of a winding up application on behalf of Poundworld (Jersey) Limited ("the Company") earlier this year. This article looks at the judgment of the court ([2009] JRC 42) in ordering that the Company be wound up on grounds that it was just and equitable to do so pursuant to Article 155.

The Company was incorporated in Jersey in 1982. It recently ran into financial difficulties and was deemed by insolvency specialists advising it to be insolvent. In these circumstances the Company was advised to proceed to a creditors' winding up pursuant to Article 160 of the Law. However further developments before the creditors' meeting was due to be held impacted upon this advice.

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