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Insolvency – Cross-border insolvency. The Chancery Division held that foreign representatives and their advisers had to ensure that the valuable process for recognition under the UNCITRAL Model Law on Cross-Border Insolvency, as incorporated into English law by the Cross-Border Insolvency Regulations 2006 SI 2006/1030, was not misused. When seeking recognition, full and frank disclosure had to be made to the court in relation to the consequences that recognition of the foreign proceeding might have upon third parties who were not before the court.
Insolvency – Cross-border insolvency. The Chancery Division held that foreign representatives and their advisers had to ensure that the valuable process for recognition under the UNCITRAL Model Law on Cross-Border Insolvency, as incorporated into English law by the Cross-Border Insolvency Regulations 2006 SI 2006/1030, was not misused. When seeking recognition, full and frank disclosure had to be made to the court in relation to the consequences that recognition of the foreign proceeding might have upon third parties who were not before the court.
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Politically neutral, yet loud and clear why standing on the sidelines is not an option
