Work underway to reform bankruptcy and insolvency laws

Tuesday 16 March 2021

A working group is investigating potential changes to Guernsey’s insolvency and bankruptcy regime.

Guernsey’s current legislation hasn’t been reviewed since 1930 and an industry-led group has been brought together to consider changes.

The group discussing future changes includes representatives from the island’s legal circles, Citizens Advice Guernsey and HM Sheriff.

Pictured: The Policy & Resources Committee is pushing for the change in legislation to be treated as a priority.

“I have been involved in the working group on personal bankruptcy legislation since well before the 2020 election,” said Policy & Resources' Treasury Lead Mark Helyar.

“I’m delighted to see that the political emphasis is now enabling more resource to brings its work to fruition.”

The working group will present a number of proposals on debt relief to the Committee for Economic Development by the end of April. 

Pictured: The working group are prioritising three issues. 

Finance Sector Lead on that Committee, Deputy Nick Moakes, said work on the reform of the island's bankruptcy regime will then take place during Quarter 3 of 2021. 

“The Committee will work closely with the group, and other stakeholders, with the aim of ensuring that Guernsey’s personal insolvency regime meets the needs of the community,” he said.

The creation of the group follows a public consultation way back in 2014.