Carey Olsen Partner David Jones (pictured), who specialises in restructuring and insolvency, has been appointed as a member of Guernsey's first Insolvency Rules Committee (IRC).
David's appointment is at the invitation of the Committee for Economic Development in anticipation of the Companies (Guernsey) Law, 2008 (Insolvency) (Amendment) Ordinance, 2020 coming into force.
The creation of the IRC in advance of the enactment of the Ordinance will allow the Committee for Economic Development to formally consult the IRC pursuant to section 426B of the Ordinance. This will allow the Ordinance and the Company Insolvency Rules to come into force at the same time.
The IRC has two primary roles. The first requires the committee to draft the inaugural set of Company Insolvency Rules to support the incoming legislation.
The second is to review how the legislation is working and to amend or draft new rules as they are needed to ensure that Guernsey's insolvency framework is as practical and effective as possible.
David commented: "The existing regime offers effective tools for dealing with distressed entities. The Ordinance and rules will enhance that regime at a time when it will play an increasingly important role in dealing with the fallout and recovery from Covid-19.
"The improvements should be welcomed by businesses, their stakeholders and practitioners, and I'm excited to be part of the team that will establish the first set of Company Insolvency Rules."