Brexit again...!
At the time of writing, there is still no clarity on if, when or how the United Kingdom (UK) will leave the European Union (EU) and many potential scenarios ranging from an extension to the deadline for leaving, a second referendum, a general election to a withdrawal of Article 50 are all still possible.
This article discusses the transfer of personal data to the UK and Gibraltar from the Isle of Man when (if?) the UK leaves the EU.
Isle of Man Legislative Update
In this article, Robyn Wood outlines the most recent updates to legislation on the Isle of Man.
Striking off a company
There are two separate company law regimes in the Isle of Man, the Isle of Man Companies Acts 1931-2004 and the Isle of Man Companies Act 2006. Regardless of which regime a company is incorporated under, all companies are under an obligation to make certain statutory filings with the Isle of Man Companies Registry (the Registry). These obligations differ between the two regimes and therefore if any company officer is uncertain as to a company’s filing obligations they should seek legal advice.
Methods of winding up a solvent Isle of Man company
“Winding up” is an often used term used to describe the procedure of concluding the life of a company under which the assets are realised and distributed, or transferred, usually to the member(s) of the company, after any debts and liabilities have been settled. Where a company is solvent there are two methods of “winding up” available to it.
This note sets out a brief comparison between Administrative Dissolution and Members Voluntary Liquidation, and points worthy of consideration.
The below articles were published as part of the Isle of Man Regulatory Update, issued on 2 April 2019.
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.
We operate a free-to-view policy, asking only that you register in order to read all of our content. Please login or register to view the rest of this article.