Cross-border Insolvency Flashcards
Rubin v eurofinance
Enforcing a foreign judgement goes beyond assistance and co-operation
Presence and submission are the only ways to be bound by international jurisdiction
Lodging proof in foreign insolvency proceedings= submission to jurisdiction of supervising court
Far East Capital
UK schemes of arrangement can still be exported to other EU member states post-Brexit if “sufficient connection” test is met
Re HIH
Its unclear whether assets can be remitted to foreign proceedings
Singularis v PWC
Claim for common law assistance from UK must be for relief available under UK law
Hooley, Petrs
Common law assistance can only be given if proceedings are before the courts of the PLACE OF INCORPORATION not the COMI
Lindsay criticised this as place of incorporation can point to an artificial place of business and COMI is a better test
Eurofood
The presumption that the COMI is the registered office can be rebutted if you can show the actual centre of management and supervision is located in a different state AND that this is ascertainable by third parties
Points to consider- where it trades, where its assets are, where the managerial decisions are taken
Re Stanford Bank
Held that COMI test applied to CBIR
Re Dalnaya
Application under CBIR must be “full and frank disclosure” see art 15(3)
This case didnt allow assistance and co-operation as wasnt full and frank disclosure and proceedings were being used to target dissident
Enforcing a foreign judgement goes beyond assistance and co-operation
Presence and submission are the only ways to be bound by international jurisdiction
Lodging proof in foreign insolvency proceedings= submission to jurisdiction of supervising court
RUbin v Eurofinance
UK schemes of arrangement can still be exported to other EU member states post-Brexit if “sufficient connection” test is met
Far East Capital
Not clear if assets can be remitted to foreign insolvency proceedings
Re HIH
Claim for common law assistance from UK must be for relief available under UK law
Singularis v PWC
Common law assistance can only be given if proceedings are before the courts of the PLACE OF INCORPORATION not the COMI
Lindsay criticised this as place of incorporation can point to an artificial place of business and COMI is a better test
Hooley, Petrs
The presumption that the COMI is the registered office can be rebutted if you can show the actual centre of management and supervision is located in a different state AND that this is ascertainable by third parties
Points to consider- where it trades, where its assets are, where the managerial decisions are taken
Eurofood
Held that COMI test applied to CBIR
Re Stanford Bank
