Guernsey setting precedence in the appointment of a provisional liquidator for a solvent company
The High Court in Guernsey has set UK precedence by granting the appointment of a provisional liquidator for a Guernsey based-company that is solvent. This is the first time in UK history where the company was solvent both at the time of the appointment and for the future financial year (indefinitely). The ruling was a judgment for a property development company that became unable to open and maintain a bank account as a result of the absence of a local company Director to receive sale proceeds. The appointed liquidator is now in the strange situation to be authorised to take possession of the company's assets, and not to distribute them.
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