Rubin and another v Eurofinance SA and others [2010] EWCA Civ 895, [2010] All ER (D) 358 (Jul)
Court of Appeal, Civil Division,Ward, Wilson LJJ and Henderson J, 30 July 2010
Foreign bankruptcy proceedings, including adversary proceedings, should be recognised as a foreign main proceeding in accordance with the United Nations Commission on International Trade Law (UNCITRAL) Model Law on Cross-Border Insolvency as set out in Sch 1 to the Cross-Border Insolvency Regulations 2006. The appointment therein of the receivers as foreign representatives within the meaning of art 2(j) of the Model Law should be similarly recognised.
Tom Smith (instructed by Dundas & Wilson LLP) for the receivers. Marcus Staff (instructed by Brown Rudnick LLP) for the defendants.
The proceedings concerned The Consumers Trust (TCT) created in March 2002 in order to carry on a sales promotion scheme in the USA and Canada. The trust profitably operated a voucher scheme until subjected to consumer protection proceedings. The first respondent settlor appointed the applicants, as the receivers and managers of TCT, to institute New York bankruptcy proceedings under Chapter 11 of the US bankruptcy code.
