Clifford Chance
Court refuses to recognise an English scheme of arrangement - ILO
3 August 2012
On February 15 2012 the German Federal Court of Justice refused to recognise an English scheme of arrangement in relation to the German branch of the insurance company Equitable Life, finding that recognition of the scheme would be contrary to Articles 8, 12(1) and 35 of EU Regulation 44/2001 on Jurisdiction and Enforcement of Judgments in Civil and Commercial Matters. The scheme of arrangement was intended to be used by Equitable Life in order to restructure its contractual portfolio, including German-law governed contracts with German consumers.
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Court refuses to recognise an English scheme of arrangement - ILO
