UK Insolvency Judgments — A Retreat From Universalism
November 21, 2012, 12:46 PM EST
Law360, New York (November 21, 2012, 12:46 PM EST) -- The U.K. Supreme Court has handed down its judgment in the much anticipated appeals of Rubin v Eurofinance SA and New Cap Re v Grant. The case involved attempts by overseas insolvency officeholders to enforce in England judgments obtained in insolvency proceedings abroad (a U.S. Chapter 11 in Rubin and an Australian liquidation in New Cap).
In its decision the court declined to extend the concept of universal bankruptcy jurisdiction, as advocated in cases such as Cambridge Gas and HIH, instead holding that the principles that...