Having played a part in its drafting, Collas Day partner Ian Kirk gives Tom Edwards the lowdown on the new Companies Law THE new Companies Law will bring many benefits to the island, according to a leading legal figure.
Collas Day partner Ian Kirk, who was consulted throughout its creation, said the legislation would encourage more companies to come to Guernsey.
The law, which was sponsored by Commerce and Employment, has been published and is among the items in the January Billet d’Etat.
If approved, it is expected to be granted Royal Assent by the Privy Council in time for it to come on stream at the start of July alongside the new Guernsey Companies Registry, which was accepted by the States last year.
Mr Kirk said the new Companies Law was an excellent basis for the regulation of companies in Guernsey.
‘The current legislation is not bad at all really. I wouldn’t go as far as to say it has been restrictive,’ he said.
‘Since 1994 there has been quite a lot of innovation and this is bringing it all together and improving it further.’
The new law will act as a useful marketing tool when promoting Guernsey abroad, he added.
‘It enables GuernseyFinance to say we have a new modern law that is better than before,’ he said.
‘The fact that we will also have a modern computerised companies registry is a major plus.
‘I don’t think we have missed out from not having this in the past, but perhaps we’ve muddled through a bit by using the old-fashioned way at the Greffe.’
As with any new law it will have to be monitored and areas will need to be improved upon, he added.
‘We will need to look at it again in a year’s time.
‘Although it’s a very good law, it needs to be kept under constant review.
‘There might have been a comprehensive consultation process, but it’s still a work in progress.’
Article posted on 23rd January, 2008 - 12.00am
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