The claimants had made claims in the insolvency of Landsbanki in Iceland. There had been a ruling by Landsbanki’s winding-up board in those Icelandic winding-up proceedings that to the extent that it was final and binding in Iceland, it must also be recognised and given effect in the United Kingdom, and that effect should also be given to the extinguishment of a claim under Icelandic law if not presented within a particular time.
Held: The ruling in Iceland had effect within the insolvency proceedings iin Scotland.
Judges:
Lord Glennie
Citations:
[2010] ScotCS CSOH – 100, [2011] 2 BCLC 437, [2010] CSOH 100, 2010 GWD 34-706
Links:
Statutes:
Credit Institutions (Reorganisation and Winding Up) Regulations 2004
Citing:
Cited – Adams v National Bank of Greece HL 1961
Questions of interpretation and enforcement of contracts are resolved by reference to the proper law. Although debt under a contract whose proper law is the law of another jurisdiction may, for the purposes of Scots law, be discharged by insolvency . .
Cited by:
Appeal from – Heritable Bank Plc (Administrators of) v The Winding Up Board of Landsbanki Islands Hf SCS 28-Sep-2011
The appellant (H) had claimed in the responder’s (L) insolvency proceedings in Iceland. Their claim had been rejected by L’s winding-up board, and then withdrawn. L then claimed in H’s own insolvency in Scotland, saying that within the EEA, and . .
At Outer House – Heritable Bank Plc, Administrators of v The Winding-Up Board of Landsbanki Islands Hf SC 27-Feb-2013
A claim by Heritable (H) in Landsbanki’s (L) insolvency had been rejected and then withdrawn before the Icelandic court, and L now appealed against rejection of its own assertion that that Icelandic decision was binding also within its own claim . .
Lists of cited by and citing cases may be incomplete.
Scotland, Insolvency, European
Updated: 22 August 2022; Ref: scu.421293