| Department | Department for the Economy |
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| Start date | 15/10/2024 |
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| End date | 13/12/2024 |
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| Type of consultation | White paper |
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| Deadline for comments | 13/12/2024 |
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About the consultation
This is a consultation on:
- proposals to amend the
Companies (Jersey) Law 1991 (the Law)
- proposals to amend connected laws, regulations and orders, and
- proposed amendments relating to creditors’ winding up and administration
Proposed amendments to Companies (Jersey) Law 1991 (the Law)
The proposals to the Law arise out of engagement with Jersey Finance Limited (JFL) and the Companies Law Working Group, which comprises corporate lawyers, an accountant, and representatives of the Jersey Financial Services Commission (JFSC), Revenue Jersey and the Jersey Association of Trust Companies (JATCo).
The proposed amendments, which are set out in Part A of Appendix A of the consultation document, are largely technical in nature and are aimed at maintaining the flexibility of the Law and enhancing the ease of doing business, in the context of evolving industry practice within an appropriate and legitimate framework. They can be broadly categorised as:
- Responding to case law and legal developments, both domestic and international
- Enhancements to reflect provisions or practices adopted in other jurisdictions
- Improving clarity and consistency within both the Law and with other legislation
- The streamlining of certain processes
- Introduction of statutory provisions to enable the Law to reflect how modern companies are operated in practice and to reduce unnecessary administration and associated costs. Many of these also reflect the current customary law and inclusion of proposed statutory amendments should not be automatically read as meaning that such actions are not already legally permissible
- Ensuring the Law is user friendly and flexible and maintains its competitive position for ease of doing business
- The proposed amendments are viewed as maintenance, clarification, and modernisation with the aim of enhancing competitiveness, rather than as a wholesale restatement or significant change in policy direction
The Law was last amended in 2014 (Amendment No 11). Change has been rapid in that time and an update to the Law is timely so that the Jersey company remains the vehicle of choice for international transactions.
Proposed amendments to connected laws, regulations and orders
Due to the interaction between the Law and other Jersey legislation, consequential amendments will be required to connected laws, regulations and orders. These proposals are contained in Part B of Appendix A of the consultation document and relate to:
Amendments to the administration procedure
In addition to amendments to the Law and associated consequential amendments, the Government of Jersey is considering the introduction of an additional insolvency procedure for Jersey and is using this opportunity to gain feedback on the concept.
The administration procedure is considered, and questions set out, at Appendix B (from page 46) of the consultation document.
How to submit comments to the consultation
You are invited to submit your comments by Friday 13 December 2024 to the following, all of which are set out in the consultation document.
Consultation: Amendments to Companies (Jersey) Law 1991 and a Proposed Administration Procedure
Specific questions related to the Companies Law proposed amendments
You can provide responses to 36 specific questions, numbered A1 to A36 (pages 5 to 8 of the consultation document).
Provide the number of the question to which your response relates.
Amendments to the Law
You can comment on the proposed amendments, which are set out in Appendix A – Part A (pages 9 to 41 of the consultation document).
Each proposal is listed in a separate row (numbered 1 to 82).
Provide the number of the row to which your response relates.
Some rows include a question, or questions, that relate to that row's amendment. The questions are underlined and italicised.
We would appreciate comments in relation to those specific questions.
Consequential amendments to connected laws, regulations and orders
You can comment on the proposed amendments, which are set out in Appendix A – Part B (page 42 to 45 of the consultation document).
Each proposal is listed in a separate row (numbered 83 to 93).
Provide the number of the row to which your response relates.
Questions on the proposed additional insolvency procedure
An outline of the new regime is set out from page 46 of the consultation document in sections, with related questions at the end of each section.
The questions are numbered B1 to B21.
Provide the number of the question, or questions, to which your response relates.
How to respond
You can respond:
- by email: Economy@gov.je (with the subject line FAO Miguel Zaragoza)
- in writing:
FAO Miguel Zaragoza,
Department for the Economy,
19-21 Broad Street,
St Helier,
Jersey JE2 3RR
Jersey Finance will also be collating an industry response, to which you can contribute:
Data Protection
The information you provide will be processed in compliance with the Data Protection (Jersey) Law 2018.
Find more information in the Department for the Economy Privacy Notice.
The Government of Jersey may quote or publish responses to this consultation but will not publish the name and addresses of individuals without consent.
Types of publishing may include:
- sending to other interested parties on request
- sending to the Scrutiny Office
- quoting in a published report
- reporting in the media
- publishing on the Government website
- listing on a consultation summary
Confidential responses will still be included in any summary of statistical information received and views expressed.
Under the Freedom of Information (Jersey) Law 2011, information submitted to this consultation may be released if a Freedom of Information request requires it, but no personal data may be released.
Child Rights Impact Assessment
The decision to publish the consultation does not have a direct effect on children and young people. Formation of a sustainable finance policy may indirectly impact children and young persons some way into the future when the benefits of encouraging such a regime are felt more widely globally.
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