Insolvency – Cross-border insolvency. The rule in Gibbs & Sons v Société Industrielle et Commerciale des Métaux[1886]-90] All ER Rep 804, which stated that a debt governed by English law could not be discharged by a foreign insolvency proceeding, remained good law. The Companies Court so held in dismissing an application by the foreign representative of the OJSC International Bank of Azerbaijan for what was considered, in effect, to be a permanent moratorium against English law-based creditor claims against the bank, in circumstances where the foreign restructuring proceeding concerning the bank had been recognised as a foreign main proceeding, under the Cross-Border Insolvency Regulations 2006, SI 2006/1030, but was due to terminate on 30 January 2018.