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Proposed Amendments to the Preferred Debts (Guernsey) Law, 1983

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Committee for Economic Development - P.2020/59

The States are asked to decide:-

Whether, after consideration of the policy letter entitled 'proposed amendments to the Preferred Debts (Guernsey) Law, 1983 dated 12th March 2020, they are of the opinion:-

1. To approve the proposals to amend the Preferred Debts (Guernsey) Law, 1983 (the "PD Law") so that where the Guernsey Banking Deposit Compensation Board (the "Board") has, in respect of a qualifying deposit, exercised its right of subrogation pursuant to the provisions of the Banking Deposit Compensation Scheme (Bailiwick of Guernsey) Ordinance, 2008 the total, capped, amount paid by the Board as compensation under the Guernsey Banking Deposit Compensation Scheme takes priority (in the winding up of the defaulting bank) over all other preferred debts within the meaning of the PD Law (the "Super Preference").

2. To agree that any amounts recoverable in respect of a qualifying deposit in excess of the Preference, should rank behind the Preference and current preferred debts in the PD Law but above any remaining ordinary unsecured creditors.

3. To direct the preparation of such legislation as may be necessary to give effect to the above decisions.

 

The above Propositions have been submitted to Her Majesty's Procureur for advice on any legal or constitutional implications in accordance with Rule 4(1) of the Rules of Procedure of the States of Deliberation and their Committees.

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Proposed Amendments to the Preffered Debts (Guernsey) Law, 1983

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