Receivership process in the Isle of Man
Produced in partnership with Dougherty Quinn of Isle of Man Law Firm
Receivership process in the Isle of Man

The following Restructuring & Insolvency guidance note Produced in partnership with Dougherty Quinn of Isle of Man Law Firm provides comprehensive and up to date legal information covering:

  • Receivership process in the Isle of Man
  • The different corporate entities
  • Who must be notified of an appointment of a receiver?
  • What form of receiver is required to make a notification?
  • When must this notification be made?
  • What documentation must the receiver file?
  • Ongoing filing requirements after appointment
  • What notifications must be made upon resignation of a receiver or conclusion of a receivership?
  • The unique receivership requirements for protected cell companies

This Practice Note covers the procedural aspects following the appointment of a receiver in respect of an Isle of Man company or other corporate entity. In this note, we look to provide guidance as to:

  1. who must be notified of an appointment of a receiver

  2. when must this notification be made

  3. what documentation must the receiver file

  4. what are the ongoing filing requirements after appointment

  5. what notifications must be made upon resignation of a receiver or conclusion of a receivership, and

  6. the unique receivership requirements for protected cell companies

The different corporate entities

Isle of Man legislation offers a wide variety of different corporate entities. To provide as comprehensive a guide as possible, we have included within this note the relevant requirements for receivers appointed in respect of each of the following:

  1. companies incorporated under the Isle of Man Companies Acts 1931 to 2004 (1931 Acts), whether these are companies limited by shares, guarantee, shares and guarantee or unlimited companies

  2. companies incorporated under the Isle of Man Companies Act 2006 (IMCA 2006), whether these are companies limited by shares, guarantee, shares and guarantee or unlimited companies

  3. protected cell companies, whether incorporated under the 1931 Acts and formed under the Isle of Man Protected Cell Companies Act 2004 (IMPCCA 2004), or whether incorporated and formed under the IMCA 2006

  4. incorporated cell