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The Guernsey Government has recently launched a new website (Guernsey Legal Resources) which provides excellent resources across the whole range of materials (legislation, reported decisions, etc). I do not yet have permission to view the full judgment database. Access to view has to be specifically requested. The following tantalising case headnote is however available. I will return to the judgment when (if?!) I get access to the database:
No 3/2009, (14.01.09), Royal Court, Companies (Guernsey) Law, 2008
Flightlease Holdings (Guernsey) Ltd v Flightlease (Ireland) Ltd
"Both parties are in voluntary liquidation – effect of Plaintiff’s claims for indemnity in respect of liability under guarantees relating to the Defendant’s liability to third party creditors – the rule in Cherry v Boultbee ("the fund ascertainment principle") – review of statutory provisions for liquidation of companies in Guernsey – rule against double-proof – law of set-off in Guernsey and pre-Napoleonic France – law of set-off in Jersey and in Scotland - adoption by Guernsey Law of English equitable principles in appropriate cases – the fund ascertainment principle is to be applied in the circumstances of the present case – ordered that no dividend be paid in the liquidation of the Plaintiff in respect of the Defendant’s agreed claim”
"This is the ultimate statement of where the law on IVAs is to be found in our great common law...