Isle of Man Companies Act

The Isle of Man enjoys special status as a separate jusrisdiction, not only in relation to UK law but also as regards European Community provisions. As a Crown dependency, the island has attracted considerable interest in recent years as an offshore financial centre, as a low tax area and as a shipping registry. Much of Manx law is based on English common law and precedents, but the island's own legislature passes a separate and unique body of statute law and its own courts create Manx precedents. The direct application of EC law is subject to the island's right to select those laws deemed appropriate. Despite this distinct body of law, there are very few textbooks or commentaries on Manx statutes. In the field of company law, there is a considerable difference warranting separate treatment; for example, the doctrine of "ultra vires" was abolished in 1986, and the reform was much more comprehensive than that effected by the UK Companies Act 1989. Manx law is presently undergoing major revision in line with the recommendations of the Clothier Commission and the Corrin Report of 1991.
As part of these company reforms, the Manx Companies Act 1992 aims to assist those involved in company administration, and to improve the law relating to the practice of the Registrar of Companies. The Act deals with merger relief on company mergers and reconstructions, the giving of financial assistance by a company for the purchase of its own shares, the ability of companies to purchase their own shares, and consequential amendments and supplemental provisions to the existing law. This volume will benefit anyone involved in company administration on the Island, as well as lawyers, accountants and tax specialists advising on the establishment of Manx companies for offshore purposes. Each chapter reproduces a group of sections or schedules, brought together by subject matter and following in numerical order, and provides a commentary on the legislation, together with derivations and relevant references to UK legislation.