A LAW firm has called for rapid modernisation of Guernsey’s company-registration process. In the annual Collas Day lecture to the Institute of Chartered Secretaries and Administrators, Advocate Ian Kirk, head of Collas Day commercial, highlighted the urgent need for a modern company-registration facility.

‘There has been considerable investment by the States in e-commerce but, when we look at our own companies register, we are still paper-based,’ he said.

Advocate Kirk said that the registry should be in electronic form.

‘Subject to appropriate safeguards and security, it should be possible to form companies by e-mail. Users should be able to search company details and obtain corporate information over the Internet from their desk.

‘The island prides itself on the provision of first-class services to international business, but we must have the infrastructure to support this.’

Advocate Kirk also explained proposals to introduce administration provisions, which had been recommended in the Edwards report on financial regulation in the islands.

‘My view is that administration is an unimportant tool in the insolvency armoury. I cannot see that it will be used often, as it will be an expensive procedure to operate.

‘In the United Kingdom, they usually involve teams of accountants but, in cases where a major financial institution is at risk, the procedure might enable an institution to be saved or restructured.’