The objective of this consultation response document is to set out the proposals the Department is going to take forward for the reform of Guernsey’s insolvency regime and their order of priority.
The consultation paper raised a wide range of issues concerning both personal and commercial insolvency as well as some cross cutting issues affecting both. 21 detailed responses were received to the consultation from industry, legal associations, individuals and individual firms. In order to assist it in deciding what to take forward, and how to prioritise the various workstreams alongside other Commerce and Employment priorities, the Department engaged an insolvency expert to assist in analysing the consultation responses and has engaged further with the insolvency law review working group and respondents to the consultation.
Following the publication of this response document, the next stage will be for detailed proposals for the two projects in the First Phase - coloured green - to be included in policy letters for consideration by the States of Deliberation.