Vol 20 (2023) - Issue 3

Article preview

Recent Developments in Jersey’s Bankruptcy and Insolvency Law

Synopsis
To some viewers from the outside, Jersey's bankruptcy and insolvency regime might seem to carry a mystical Norman aura, with processes bearing names that are difficult to compare to those in other offshore jurisdictions (such as désastre, remise des biens, cession).
However, from an international, cross border perspective Jersey has continued in recent years to develop its jurisprudence and most recently its statutory framework (along lines familiar to those jurisdictions that have adopted companies law provisions broadly based on English law), as well as demonstrating its continued strong commitment to cross border assistance.
In this article we provide an overview on recent developments in Jersey in the following areas:
– The introduction of a creditor-driven creditors' winding up procedure and the ability of the Royal Court to appoint provisional liquidators;
– The ongoing development of the just and equitable winding up jurisprudence and notable cases in that area; and
– The approach of the Royal Court to recognition applications.