In re Stanford International Bank Ltd and Others: ChD 3 Jul 2009

Sir Andrew Morritt explained the relationship of the Regulation, the Model Law, and the still earlier European Convention on Insolvency Proceedings: ‘To understand the arguments and explain my conclusion it is necessary to consider the evolution of both the Insolvency Proceedings Regulation and UNCITRAL. Both were preceded by the European Convention on Insolvency Proceedings. Its preparation began in 1960. It was open for signature by member states from 23 November 1995. The Convention applied to proceedings which satisfied four conditions but as there might be more than one proceeding satisfying those conditions it also provided for ‘main insolvency proceedings’. They were defined as proceedings in the contracting state where the debtor had his centre of main interests. In May 1996 the UK Government refused to sign the Convention. In July 1996 there was signed what became known as the Virgos-Schmit Report on the Convention (Report on the Convention on Insolvency Proceedings, Brussels, 3 May 1996). Though never formally adopted, it was and is regarded as an authoritative commentary on the Convention and the subsequent regulation derived from it.’
Sir Andrew Morritt (Chancellor), Arden LJ, Hughes LJ
[2011] 1 Ch 33, [2009] EWHC 1441 (Ch), [2010] 3 WLR 941, [2010] Bus LR 1270, [2010] Lloyd’s Rep FC 357, [2010] BPIR 679
Cross-Border Insolvency Regulations 2006
England and Wales
Cited by:
See AlsoIn re Stanford International Bank Ltd and Others ChD 9-Jul-2009
One of the parties wanted to request permission to appeal, but had not done so at the hearing. The court considered whether it had power to do so at a later hearing.
Held: It did not. The Rules set out a deliberately prescriptive regime which . .
Appeal fromStanford International Bank Ltd, Re CA 25-Feb-2010
Hughes LJ said: ‘it is essential that the duty of candour laid upon any applicant for an order without notice is fully understood and complied with. It is not limited to a duty not to misrepresent. It consists in a duty to consider what any other . .
CitedOlympic Airlines Sa Pension and Life Insurance Scheme v Olympic Airlines Sa CA 6-Jun-2013
The court considered the the jurisdiction under EU law to commence a secondary winding-up in England of a company whose main liquidation is taking place in Greece. That depended upon whether the company, registered in Greece had a sufficient . .

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Updated: 16 May 2021; Ref: scu.347459