The Isle of Man Companies Acts, 1931 and 2006, both give stakeholders of Isle of Man companies a right to apply for the appointment of an inspector. An inspector is appointed by Court to review the affairs of the company and/or its officers and to report on their findings. Inspectors can be appointed to look into areas such as conduct of director(s), influence of a shareholder in the business of the company or the restriction of information to shareholders.
The appointment of an inspector may be a necessary precursor to a winding-up application where a shareholder has insufficient evidence with which to petition the Court.
Gordon has acted as inspector on the application of the Isle of Man Financial Services Authority and is familiar with the obligations of the role.