Mr Michael Rogers

Michael Rogers

Updates

Insolvency & Restructuring

First appointment of provisional liquidator in Royal Court
Guernsey | 07 July 2017

A recent Royal Court judgment is important as it appears to be the first time that a provisional liquidator has been appointed by the court over a solvent Guernsey company. This case adds helpful guidance to the Guernsey insolvency regime as it demonstrates that the Royal Court adopts a pragmatic and flexible approach when exercising its discretion, particularly where the parties face unusual circumstances.

Private Client & Offshore Services

Guernsey Royal Court issues regulatory decision on prohibition orders, fines and public statements
Guernsey | 28 March 2019

The Guernsey Royal Court recently issued a regulatory decision on prohibition orders, fines and public statements. In this decision, the deputy bailiff found that the Guernsey Financial Services Commission did not have the jurisdiction or power to make prohibition orders that were limited in time; it only had the power to make unlimited prohibition orders (as in the United Kingdom) against the defendant – although it could have indicated when it might be appropriate for the defendant to reapply for a licence.

Scope of powers for trustee in bankruptcy where concurrent domestic insolvency proceedings exist
Guernsey | 07 December 2017

The recognition of the powers of an English trustee in bankruptcy in Guernsey is generally pursued either by way of a letter of request issued by the foreign court or an application via common or customary law. A recent decision examines the position – not previously encountered in Guernsey – of an application for recognition under common law in a situation where there were already désastre proceedings in Guernsey.

Novel use of provisional liquidator in Royal Court
Guernsey | 06 July 2017

A recent Royal Court judgment is important as it appears to be the first time that a provisional liquidator has been appointed by the court over a solvent Guernsey company. This case adds helpful guidance to the Guernsey insolvency regime as it demonstrates that the Royal Court adopts a pragmatic and flexible approach when exercising its discretion, particularly where the parties face unusual circumstances.

Escaping from mistakes as to tax consequences
Guernsey | 13 April 2017

The Guernsey Royal Court recently considered whether to set aside a distribution on the grounds of equitable mistake in circumstances where that mistake led to adverse UK tax consequences. In particular, the court's clear guidance that not every mistake as to tax consequences based on incorrect or negligent professional advice will be corrected by the courts is noteworthy.

Fee estimates in liquidation: importance of getting in early
Guernsey | 06 April 2017

A recent decision from the Guernsey Royal Court is of fundamental importance to Guernsey insolvency practitioners as it provides cautionary guidance on the practical implications of Practice Direction 3/2015. The practical lesson to take away from the decision is that where an insolvency practitioner is faced with circumstances that appear to be out of the ordinary, a pragmatic and proactive approach must be followed to seek an increase to the cost cap as soon as possible.