Guernsey Company Law - one year on
One year on from the introduction of the new Company Law, Advocate Ian Kirk, Head of Commercial at Collas Day, comments on its success.
"The new Company Law appears to have bedded in extremely well" said Advocate Kirk, "with very few teething problems," he continued.
"With both a new law and the new online company Registry commencing on 1st July 2008 there were certainly going to be challenges.
"However, businesses, administrators and company secretaries, generally speaking, have adapted well to the new environment and the changes that have been made.
"One of the reasons for the smooth transition is the strong training culture on the Island" he said. "The Institute of Chartered Secretaries, the Association of Compliance Officers, the Society of Trust and Estate Practitioners and the IOD have made an excellent job of ensuring that their membership were up to speed."
That said, local advocates have picked up some technical changes that need to be made. Advocate Kirk said this was inevitable. "If you have a law of over 500 sections, when reapplying the law to specific client matters we will see room for improvement. Indeed, that’s a good thing because it ensures that the legislation remains up to date.
"The important thing is to keep polishing it up and show to the world that we have a 'best of breed' corporate regime. It is one of these factors that keeps us competitive as a finance centre," he ended.
Advocate Kirk has recently published "Kirk on Guernsey Company Law" a comprehensive guide to the new Companies Law.
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