The States of Guernsey Committee for Economic Development has published its response to the consultation on introducing a statutory register of insolvency practitioners in Guernsey, marking a significant step toward enhancing the island’s insolvency regime.
Ben Rhodes and Andrea Harris sit on the Insolvency Rules Committee and the ARIES Legal & Regulatory Committee and have had input on the proposed register.
Following extensive feedback from stakeholders including industry professionals, the Committee has confirmed strong support for the proposals and is now progressing to the next phase of policy development.
Key takeaways:
- Broad industry support: Respondents widely backed the introduction of a statutory register, recognising the benefits it would bring to the sector.
- Raising professional standards: The register is intended to ensure insolvency practitioners are appropriately qualified, experienced and subject to effective oversight.
- Improved transparency and accountability: The proposals aim to promote greater consistency and confidence in Guernsey’s insolvency framework.
- Alignment with other jurisdictions: The initiative will help bring Guernsey in line with comparable international standards.
- Next steps underway: The Committee will now develop a formal policy letter and draft the necessary legislative amendments to seek approval from the States of Deliberation.
The consultation response and original consultation paper are available via the States of Guernsey website: Consultation Response on a Guernsey Register of Insolvency Practitioners - States of Guernsey
