Clifford Chance

UK and US bankruptcy judges rekindling that special relationship?

2 August 2010

On 30 July, just before the start of its summer vacation, the Court of Appeal did its bit to improve international relations with the US. In the case of Rubin & Lan -v- Eurofinance S.A. & Ors [2010] EWCA Civ 895, English judges extended their spirit of co-operation to recognising not only US Chapter 11 bankruptcy proceedings, but also the enforcement of US claw back proceedings. This is a significant decision in the context of cross border insolvency and is a further development in the common law principles of universalism – i.e. bankruptcy proceedings commenced in the home state receive worldwide recognition.

 

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