Tchenguiz and others v Grant Thornton UK LLP and others

Practice – Stay of proceedings. The fourth and fifth defendants (Kaupthing and JJ respectively) sought the dismissal or stay of the proceedings. The Commercial Court held that the proceedings against Kaupthing had been brought in breach of a prohibition on legal action against it contained in art 116 of the Icelandic Bankruptcy Act 1991, which had effect in the United Kingdom by reason of reg 5 of the Credit Institutions (Reorganisation and Winding Up) Regulations 2004, SI 2004/1045. However, the claims against both Kaupthing and JJ were not excluded by art 1(2)(b) the Convention on Jurisdiction and the Enforcement of Judgments in Civil and Commercial Matters.

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