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Sector Focus
We specialise in the investment management industry offering audit, assurance, tax and corporate recovery and liquidation services.
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Personal Tax Services
There are many tax rules that can affect you personally and therefore which will have an impact on your personal wealth.
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QI Compliance
Qualified Intermediaries (QI) have to take action now to perform a Certification to the Internal Revenue Service (IRS).
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Download our tax brochures
The Guernsey tax team at Grant Thornton aim to provide the island with a premier tax advisory service both to private clients and the Guernsey business community including the investment management industry.
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Jersey Tax Return
A page with a link for Jersey Tax Returns
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ESG
ESG can either be seen as a risk management tool or an opportunity, either way it is imperative to your business, whatever your size and whether you are listed or not.
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Professional Services
Business and accounting support for professional services
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Finance Industry
We work with a broad range of clients and their financial stakeholders, from entrepreneurs in the early days to fast growing and established businesses to public companies competing in global markets.
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Local Businesses
Businesses come in many shapes and sizes – from innovative start-ups to long-established local businesses. But however large or small your business, the chances are you face similar challenges.
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Corporate Insolvency
Our corporate investigation, Guernsey liquidation and recovery teams focus on identifying and resolving issues affecting profitability, protecting enterprise value and facilitating a full recovery where possible.
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Corporate Simplification
Redundant corporate entities can over complicate group structures and waste thousands of pounds in unnecessary costs each year. 46% of the c.15,500 companies controlled by the FTSE100 are dormant and it is estimated that the average cost of administering dormant companies is between £3,500 and £5,000 per company, per year.
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Debt Advisory
Our Debt Advisory team provides commercial and financial debt advice to corporate entities and public sector bodies in a range of sectors. Our engagements include advice on stand-alone transactions and solutions or as part of an integrated business plan, in both the project and corporate arenas.
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Exit Strategy Services
We offer a tailored methodology designed to enable a company to be reviewed in a group context to assess ways to maximise its value.
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Financial Restructuring
For companies challenged by under-performance we work with management teams, shareholders, lenders and other stakeholders to implement financial restructuring solutions creating a stable platform for business turnaround.
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Strategic performance reviews
Strategic performance reviews analyse the key drivers of performance improvement. Our specialists utilise a framework to evaluate financial and operational options and to identify solutions for businesses and their stakeholders.
Guernsey’s Covid-19 response
05 Feb 2021Guernsey’s pandemic response has been admirable, but lockdown will increase pressure on businesses. Ben Rhodes and Andrea Harris, directors of recovery & reorganisation at Grant Thornton Channel Islands, offer their insights.
Directors’ duties
Directors must be mindful of fiduciary duties and whether their business continues to meet the ‘solvency test’ - can it meet debts as they fall due and are assets greater than liabilities? If not or there is uncertainty, directors must act in creditors’ best interests, and seek appropriate professional advice - or risk personal liability.
Cash control
Understanding the cash position is critical, with robust cash-flow forecasts based upon conservative assumptions essential. Cash control should come into focus. Businesses may face reduced income, while fixed costs and expenses continue. Businesses must maximise cash inflows while minimising cash outflows.
Arrangements
Businesses may negotiate arrangements with creditors, such as landlords and banks, either informally or formally via Court application. For example, deferring debt payment and or a discount. Alternatively, the business fails and creditors may receive a smaller return. A professional advisor can assist.
Pre-packaged sale of business
One option to keep the business operating may be to sell the underlying business and assets via liquidation or administration, as a ‘pre-pack’. Pre-packs are commonplace in the UK and were first introduced to Guernsey by Grant Thornton in 2014.
A pre-pack is a sale of business and assets negotiated prior to liquidation or administration, completed by the liquidator or administrator once appointed. The business can be sold quickly for maximum value, and continue uninterrupted with jobs retained, free of debt. Purchasers in a pre-pack are often associated with the original business, e.g. directors or owners.
A pre-pack can allow owners to purchase their business through a formal process, and mothball it while waiting out uncertainty.
Pre-packs are subject to strict rules, and it is essential professional independent assessment of outcomes favours the pre-pack so creditors’ return is no worse than other options.
Managed wind-down
Owners may decide it is time for wind-down. This can be achieved via a voluntary liquidation, whereby assets are realised, liabilities are settled, and the remaining balance after costs is paid to shareholders.
Administration
Guernsey’s court administration regime is viewed as a ‘rescue process’ for insolvent companies, designed to achieve survival (via operational or financial restructuring, or a business sale), or a better outcome than a compulsory liquidation. An administrator might continue to trade the business, while working with secured creditors and other stakeholders.
Liquidation
If an insolvent business is beyond rescue, voluntary liquidation or a court compulsory winding up are options. The liquidator will realise assets and distribute proceeds, less costs, among creditors. The liquidator will consider directors’ actions and may pursue legal avenues if there has been misconduct. Directors must be mindful of fiduciary duties when faced with potential insolvency.
