Samba sought a stay of insolvency proceedings. Shares in a Saudi company were held in trust by a company registered in Cayman. Upon that company going into liquidation, the shares were transferred to the defendant, who now argued that since Saudi law would not recognise such a trust, and the trust being invalid, the action should be stayed.
Held: The stay was granted,
Judges:
The Chancellor (Sir Terence Etherton)
Citations:
[2014] EWHC 540 (Ch), (2014) 16 ITELR 808, [2014] CN 346
Links:
Statutes:
Insolvency Act 1986 127, Cross Border Insolvency Regulations 2006
Jurisdiction:
England and Wales
Cited by:
Appeal from – Akers and Others v Samba Financial Group CA 4-Dec-2014
Shares in a Saudi company were held I trust for a Cayman company which had gone into liquidation. Saudi law did not recognise such trusts, and the parties now disputed which was the forum conveniens.
Held: The liquidators’ appeal succeeded. . .
At First Instance – Akers and Others v Samba Financial Group SC 1-Feb-2017
Saad Investments was a Cayman Islands company in liquidation. The liquidator brought an action here, but the defendant sought a stay saying that another forum was clearly more appropriate. Shares in Saudi banks were said to be held in trust for the . .
Lists of cited by and citing cases may be incomplete.
International, Insolvency
Updated: 18 July 2022; Ref: scu.522121
