Michael Adkins sees light at the end of the tunnel for those affected by an ‘informal freeze’ following disclosure to the financial crime authorities, when the Royal Court of Guernsey quashed a refusal to release funds after an 8 year restraint.

The States of Guernsey and the GFSC have confirmed that it was not Guernsey’s present intention to seek third country equivalence under the EU’s ‘Solvency 2’ directive. Industry groups and trade publications in Guernsey and other offshore jurisdictions have applauded this strong clarifying statement, coming after what has been a concerted lobbying effort at local level. Michael Adkins explores what solvency 2 is, and why equivalence is not in Guernsey’s interests.

One of the more unfortunate things businesses have to contemplate these days is the prospect of clients not paying their bills which can mean the creditor is in danger of being insolvent, placing pressure on longstanding business and personal relationships. In this guide we hope to give our readers a refresher course on Guernsey’s insolvency laws.