New Channel Islands insolvency body earns world-wide recognition

08 Nov 2013

The Channel Islands insolvency body, the Association of Restructuring and Insolvency Experts ('ARIES') has had its membership of the premier global insolvency body, INSOL International, ratified.

Bedell Cristin's Senior Partner, Anthony Dessain, announced the development to a packed audience attending the inaugural Jersey event of ARIES held on 6 November 2013 hosted by and in association with the Institute of Law in Jersey. Tim Le Cornu, Managing Director of KRyS Global, who is President of the executive committee of ARIES acknowledged the value of the ratification to the Channel Islands. He commented:

"INSOL has been very supportive of ARIES, with the president of INSOL International attending our Guernsey launch event in September so we are delighted that the INSOL International Board ratified ARIES' membership of INSOL in record time."

Edward Drummond, Partner of Bedell Cristin and fellow member of the ARIES Executive Committee added:

"INSOL International is a world-wide federation of national associations for accountants and lawyers which specialises in restructuring and insolvency and which has over 9,000 members globally, so it is huge boost for the Channel Islands to have their own association represented on the global stage."

The event this week was chaired by Anthony Dessain, who with Michael Wilkins, co-authored "Jersey Insolvency and Asset Tracking". He led a debate on Jersey's insolvency law and in particular the case for and against ARIES spearheading a move to amend the law relating to corporate rescue and keeping businesses and employees together as a going concern.

Also speaking were Simon Davies of Ogier Guernsey who addressed the audience on Guernsey's administration law, and Jerry Garrood of Carey Olsen Jersey who explained how Jersey currently caters for business recovery.

The event finished with a debate involving Ed Shorrock of Baker & Partners and Rob Gardner of Bedell Cristin who discussed the perceived deficiencies in the existing system and the issues arising out of any change to the system. The session was followed by a lively debate involving the audience, panel members and Chairman.

Over 40 business professionals attended, mainly a mix of lawyers and insolvency practitioners from both Jersey and Guernsey, together with representatives from the Chief Minister’s and Viscount’s departments.

The inaugural Jersey event followed on from that held in Guernsey which attracted large numbers of professionals from across the insolvency field including the President of INSOL International James Sprayregen of Kirkland & Ellis in Chicago.

Tim Le Cornu added:

"We enjoyed a high quality debate with many thoughtful opinions expressed. The issues that were raised in relation to the possible reform of Jersey Insolvency law to promote business rescue were both interesting and stimulating and as an organisation, we are delighted to be taking an active part in that debate"