Earlier this year, in Munin Navigation v Petrodel, His Honour Deemster Gough called for the updating of insolvency law on the Isle of Man, referring to the "archaic statutory provisions and rules which govern insolvency" (para 63). A few days ago another call for reform was made, this time by the First Deemster and Clerk of the Rolls, His Honour Deemster Doyle, in Lombard Manx v Spirit of Montpelier. The comments were made as part of a judgment in which it was held that Manx common law did not provide the court at first instance with jurisdiction to rescind a winding up order once it has been sealed or otherwise perfected.
Tuesday, 16 December 2014
Isle of Man: another call to update insolvency law
Earlier this year, in Munin Navigation v Petrodel, His Honour Deemster Gough called for the updating of insolvency law on the Isle of Man, referring to the "archaic statutory provisions and rules which govern insolvency" (para 63). A few days ago another call for reform was made, this time by the First Deemster and Clerk of the Rolls, His Honour Deemster Doyle, in Lombard Manx v Spirit of Montpelier. The comments were made as part of a judgment in which it was held that Manx common law did not provide the court at first instance with jurisdiction to rescind a winding up order once it has been sealed or otherwise perfected.
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