COBO and Alderney Company Law5th December 2012
On 28 November the States of Guernsey approved the repeal of the remaining provisions of the Control of Borrowing (Bailiwick of Guernsey) Ordinance 1959. The repeal legislation will be put before the States as soon as possible - this is expected to be in February/March 2013.
The States of Alderney approved the Companies (Alderney) (Amendment) Law, 2012 (Commencement) Ordinance, 2012 at its meeting on 21 November. This Ordinance will bring the Companies (Alderney) (Amendment) Law, 2012 into force on 1 January 2013.
The revisions to the Alderney Company Law will introduce a new framework for the formation of Alderney companies from January. This framework will operate in parallel with the Control of Borrowing Ordinance until the Ordinance is repealed.