INSOL International Channel Islands One Day Seminar Review
INSOL International Channel Islands One Day Seminar
Report by Scott Andersen, KRyS Global, Channel Islands and Luke Olivier, Ogier, Channel Islands
In September 2013 the Association of Restructuring and Insolvency Experts (“ARIES”), the Channel Islands Member Association of INSOL International, was founded and on 12 June 2014 the inaugural INSOL International Channel Islands One Day Seminar was held in Jersey. It was attended by 120 delegates from Jersey, Guernsey, the UK, the US, and the Cayman and British Virgin Islands. James H. M. Sprayregen, President of INSOL International, opened the Seminar with an update on INSOL’s activities and ‘thought leadership’ on matters topical to the international insolvency community. Tim Le Cornu of KRyS Global and Fellow, INSOL International, Seminar Co – Chair welcomed delegates and introduced his Co-Chair, Anthony Dessain of Bedell Cristin. Mr Dessain gave an opening speech highlighting the importance of the Channel Islands to the global financial services and banking industries and in particular to the UK economy. He congratulated Tim Le Cornu for his efforts in establishing ARIES and commended INSOL International for being at the forefront of global insolvency issues.
The first panel session, chaired by Alex Horsbrugh – Porter of Mourant Ozannes focused on debt tracing and recognition of foreign office holders. Ms Karen Le Cras of Carey Olsen discussed the statutory recognition regime in Guernsey and referred to the recent recognition of foreign receivers in Guernsey and limitation to the powers imposed on them by the Court. Fraser Robertson of Appleby Global noted the similarities between Guernsey and Jersey in this regard and commented on a Jersey Court ruling where the English High Court appointed fixed charge receivers who were also recognised in Jersey.
Mark Forte of Conyers Dill and Pearman provided insight from a BVI perspective. The panel then considered the enforcement of judgements under the laws of their respective jurisdictions, according to both the statutory regimes and the common law principles. Discussion moved to pre-judgment asset protection orders and other common law remedies in each of the jurisdictions.
The second panel session, chaired by Richard Heis of KPMG London, raised the issue of insolvency of financial institutions. Debate ensued regarding ‘bail-in’ procedures and a resolution process for institutions deemed “too big to fail”. John Harris of the Jersey Financial Services Commission provided interesting insight from a regulatory perspective. Oliver Sigalow of Silverpoint Capital introduced the practicalities of the Co – Operative Bank restructuring into the debate. Philip Wood of Allen & Overy philosophically opined on what safeguards would alleviate the need for future bail-ins.
