Re Pan Ocean Co. Ltd; Fibria Celulose S/A v Pan Ocean Co. Ltd and another

Contract – Termination. A Brazilian firm (Fibria) sought to cancel a contract with a South Korean company (the company), which was in administration. The contract was governed by English law. The company submitted that, on the true construction of the Cross-Border Insolvency Regulations 2006, SI 2006/1030, Fibria could not cancel the contract. The Companies Court held that, on the proper construction of the Regulations, it had no power to order a stay in relation to Fibria's entitlement to serve a termination notice under the contract, nor could it make an order restraining Fibria from serving such a notice.

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