Clifford Chance
A receiver in foreign bankruptcy proceedings may also sell and transfer assets located in the Netherlands
4 October 2013
On 13 September 2013 the Dutch Supreme Court ruled that a receiver in foreign bankruptcy proceedings may, in principle, sell assets of the bankrupt company that are located in the Netherlands whilst any attachments levied on these assets before such sale are to be respected.
The Supreme Court thereby overturned a decision by the Amsterdam Court of Appeal that had held that in light of the Dutch 'territoriality principle' the Russian receiver of Yukos Oil could not sell the shares of Yukos Oil's Dutch subsidiary.
This client briefing outlines the case and comments on it.
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