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Grant Thornton appointed first provisional liquidators in Jersey

Has your business lost 5% of it revenue to occupational fraud? This is the Association of Certified Fraud Examiner’s (“ACFE”) estimate of losses suffered by each organisation from occupational fraud, with the average loss per case being USD 1.662m.

Over the last three years Channel Island financial services firms are increasingly having to deal with assets "stranded" within structures due to sanctions.

As technology continues to advance at a breakneck pace, so too do the methods employed by fraudsters. In most instances our involvement as forensic accountants unfortunately occur after the fraud has been committed, but prevention strategies to combat fraud happening should not be overlooked.

The Companies (Guernsey) Law, 2008 (Insolvency) (Amendment) Ordinance, 2020 (the “Ordinance”) and the Companies (Guernsey) (Insolvency Rules) Regulations, 2022 (the “Insolvency Rules”) are due to come into operation on 1 January 2023, following regulations made today by the Committee for Economic Development (the “Committee”).

Jersey’s insolvency regime has remained largely unchanged for a number of years.

ARIES has recently produced an updated series of guidance notes for Jersey insolvency practitioners

Many businesses across the world are struggling to come to terms with the economic damage wreaked by Covid-19.

Guernsey’s pandemic response has been admirable, but lockdown will increase pressure on businesses.

For those who are involved with, or run struggling businesses with much reduced income, many are unclear what the most important things to consider are and equally who they might be able to turn to in their plight.

Ben was recently appointed to Guernsey’s first Insolvency Rules Committee by the Committee for Economic Development.

Grant Thornton are pleased to share the results of their Channel Islands COVID-19 Business Impact Survey - A Guernsey focus

Grant Thornton launched a survey in association with the Jersey Chamber of Commerce to measure how local businesses are coping in the face of the COVID-19 pandemic.

Responding to Coronavirus COVID-19

On 15 January 2020, the States approved the Companies (Guernsey) Law, 2008 (Insolvency) (Amendment) Ordinance, 2020 (“the Ordinance”). It is anticipated that the Ordinance will come in to force shortly, following Regulations by the Committee for Economic Development (the “Committee”).

Alan Roberts and Ben Rhodes of Grant Thornton Jersey were appointed Joint Liquidators of Bellzone Mining plc