Guernsey needs to implement commercial legislation more quickly, says Collas Crill companies expert Ian Kirk
Guernsey needs to implement commercial legislation more quickly, says Guernsey Companies Law expert Ian Kirk.
The Collas Crill partner told the ICSA Guernsey annual conference recently that, following proposed amendments to the six-year-old Guernsey Companies Guernsey Law, the Island also needs to improve its insolvency legislation.
The process has started but Advocate Kirk stressed that “we must be far quicker in updating and adapting our company and financial services legislation”.
“While there are limited resources devoted to implementing and amending commercial and financial services legislation, it is important that Guernsey is able to move swiftly to adopt and amend legislation, adopting new corporate and financial services products and ideas in order to maintain the Island’s competitive advantage,” he said.
Advocate Kirk, who is head of Collas Crill’s Commercial law team, presented an Update on the Guernsey Companies Law: Now and Next to ICSA (the Institute of Chartered Secretaries and Administrators) Guernsey branch’s annual conference at the end of April.
He explained that the Companies (Guernsey) Law 2008 included a number of significant improvements to benefit Guernsey’s competitiveness as an offshore financial centre.
“No law is perfect, though, and inevitably practitioners have encountered some issues with the legislation,” he said.
Six years on, following a productive consultation period, a first draft of the proposed legislative amendments has been circulated. Advocate Kirk presented the main amendments proposed, including easier administrative procedures for directors, secretaries and shareholders, reduced administrative costs for companies, providing clarity to previously unclear provisions and providing greater flexibility within Guernsey company law.