Government measures in key jurisdictions 3rd edition final - Flipbook - Page 58
Matthew Guthrie | matthew.guthrie@mourant.com | +44 1481 731 424
Abel Lyall | abel.lyall@mourant.com | +44 1481 739 364
Robert Shepherd | robert.shepherd@mourant.com | +44 1481 731 418
Loans and
financial
support
•
The States of Guernsey has agreed to underwrite 80% of any qualifying loan made by participating
banks to any trading business with less than GBP 10 million turnover.
•
Businesses regulated by the Guernsey Financial Services Commission (
excluded.
) are
Has the government
put in place any new
bank funding
schemes?
Employment
What
financial support is
the government
providing to
businesses and to
individuals on
employment
issues?
Insolvency
The initial payroll co-funding scheme was similar to the UK's and gave employers and the selfemployed in certain sectors co-funding payments where they could show their turnover had fallen
below certain thresholds.
•
Other measures to support business include the deferral of Social Insurance contributions, local
business rates and rent owed to States entities.
•
For the most up to date information on financial and business support, please follow this link here.
•
No changes are likely to be made to Guernsey’s insolvency laws, in particular regarding wrongful
trading. It should be noted that Guernsey’s wrongful trading provisions are somewhat more relaxed
than the UK equivalent in any event. Once a director concludes (or ought to have concluded) that
there was no reasonable prospect of the company avoiding insolvency winding up, the director has a
duty to take every step to minimise losses to creditors “he ought reasonably have taken”. The
Guernsey test introduces a reasonableness qualification on the every step test not expressed in the
UK statute.
•
Significant amendments to the insolvency laws were passed by the States of Guernsey on 15
January 2020 and are expected to come into effect shortly.
•
Changes to Guerney’s Insolvency Regime
Has the government
made any changes
to insolvency
legislation?
58
•
Government measures in key jurisdictions