*Bakhshiyeva (in her capacity as the foreign representative of the OJSC Internationl Bank of Azerbaijan) v Sberbank of Russia and others

Insolvency – Cross-border insolvency. It would be wrong to use the powers in art 21(1)(a) and (b) of Sch 1 to the Cross-Border Insolvency Regulations 2006, SI 2006/1030, or other provisions of the UNCITRAL Model Law, to circumvent the English law rights of the English creditors under the rule in Gibbs & Sons v Société Industrielle Et Commerciale Des Métaux ([1886-90] All ER Rep 804). Accordingly, the Court of Appeal, Civil Division, in dismissing the appellant foreign representative's appeal, held that it had no power to direct that the claims of the English creditors should continue to be stayed indefinitely, even after restructuring had come to an end.

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