| Under Guernsey Law a company may be wound | | | | remuneration agreed. Fees are usually charged on |
| up voluntarily if: | | | | a time spent basis. Unlike the UK, in Guernsey |
| The period (if any) fixed by the memorandum | | | | there is no requirement for an appropriately |
| or articles setting out the duration of the | | | | qualified individual such as an Insolvency |
| company expires | | | | Practitioner to conduct the liquidation. However, |
| An event (if any) occurs on the occurrence of | | | | good sense dictates that such individual appointed |
| which the memorandum or articles provide that | | | | will have good knowledge of the Guernsey Law |
| the company be dissolved | | | | and has a track record in acting as a Liquidator |
| For each of the above, there is a proviso that the | | | | for this jurisdiction. |
| company passes an ordinary resolution that it be | | | | When the company is formally placed into |
| wound up voluntarily. | | | | liquidation, it shall cease to carry on business, |
| Further, a company can be wound up voluntarily | | | | 'except in so far as may be expedient for the |
| if: | | | | beneficial winding up of the company.' The powers |
| It passes a special resolution that it be wound | | | | of the director(s) also cease, unless a direction to |
| up voluntarily | | | | the contrary is sanctioned by the Liquidator or the |
| Once the decision has been made to place the | | | | company in general meeting. |
| company into voluntary liquidation, for whatever | | | | It is the Liquidators' role to bring the company to |
| appropriate reason, then the necessary resolutions | | | | a formal end, realising the assets, settling any |
| will need to be filed at the Guernsey Registry | | | | liabilities and thereafter distributing any surplus |
| within thirty days of them being approved. It | | | | assets according to the provisions of the Law. |
| should be noted that under The Companies | | | | When the affairs of the company have been fully |
| (Guernsey) Law, 2008, all special resolutions need | | | | wound up, then the Liquidator should present his |
| to be filed at the Registry within thirty days. In | | | | statement or account of the winding up to a final |
| the case of voluntary liquidations ordinary | | | | general meeting of the company. Following the |
| resolutions also need to be filed within thirty days. | | | | meeting the Liquidator will advise the Registrar |
| At this point, the Registrar will publish notice of | | | | who will publish notice of the same, and advising |
| the proposed voluntary liquidation of the | | | | that the company is to be dissolved. |
| company, 'in such manner and for such period as | | | | Practical Company Secretarial Services have had |
| he thinks fit'. | | | | considerable experience conducting liquidations |
| Once the resolutions have been filed, and if the | | | | under Guernsey Law, both for ICC's and Funds. |
| decision has not already been made, then a | | | | For more details please contact |
| Liquidator should be appointed and their | | | | sam@practicalcompanysecretary.co. |