Picard v FIM Advisers LLP [2010] EWHC 1299 (Ch), [2010] All ER (D) 216 (Jul) Chancery Division, Companies Court Kitchin J 27 May 2010
Article 21(1)(d) of Sch 1 to the Cross-Border Insolvency Regulations 2006, (SI 2006/1030) (the CBIR), had both a jurisdictional and a discretionary component. The court had to be satisfied that the information sought concerned the debtor’s assets, affairs, rights, obligations or liabilities. If it was so satisfied then it had a discretion to order the delivery of that information. In exercising that discretion it had to have regard to all relevant circumstances and ensure that the interests of the person against whom the order was sought were adequately protected.
When considering whether to make an order under Art 21 of Sch 1 to the CBIR, it was appropriate for the court to have regard to the principles upon which the court would exercise its powers under ss 236 and 366 of the Insolvency Act 1986. The relevant principles in such circumstances were:
(i) the power was conferred to enable the office holder to discover the true facts concerning the affairs of the company so
