CIGA, Brexit and the recognition of Part 26A Restructuring Plans in Guernsey and Jersey

The Channel Islands of Guernsey and Jersey did not introduce emergency insolvency legislation as a result of the Covid-19 pandemic and do not presently have measures equivalent to those found in the UK’s Corporate Insolvency and Governance Act, 2020.

However, the High Court’s consideration of whether so-called restructuring “super Schemes” under Part 26A of the Companies Act 2006 are “likely to be recognised in any key overseas jurisdictions which are material to its effectiveness” and, thus, whether they can be of “substantial effect in relevant jurisdictions outside England and Wales” is of particular interest offshore.

This Walkers’ briefing addresses issues that may be relevant to the recognition of foreign insolvency officeholders and restructuring plans by the Royal Court of Guernsey and the Royal Court of Jersey.

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GUERNSEY
Sarah BrehautPartnerT +44 (0)1481 748 930sarah.brehaut@walkersglobal.com
Adam ColePartnerT +44 (0) 1481 748 912adam.cole@walkersglobal.com
Jamie BooklessSenior CounselT +44 1481 748926jamie.bookless@walkersglobal.com

JERSEY
Nigel SandersPartnerT +44 (0) 1534 700 862nigel.sanders@walkersglobal.com
Fraser HernGroup Partner*T +44 (0) 20 7903 8702fraser.hern@walkersglobal.com
Craig MacleodAssociateT +44 (0) 1534 700 756craig.macleod@walkersglobal.com

LONDON
Fraser HernGroup Partner*T +44 (0) 20 7903 8702fraser.hern@walkersglobal.com