Monday, 10 August 2009

Re Swissair [2009] EWHC 2099 (Ch) (06 August 2009) - a challenge

Mr Justice David Richards has handed down his judgment in Re Swissair [2009] EWHC 2099 (Ch) (06 August 2009). The case concerns cross-border insolvency issues and contains a lengthy discussion of the HIH decision. A flavour can be garnered from the following passage:
The case throws down an interesting challenge to those who mine in the dark corners of the history of the subject. The judge notes, "The submissions made in this case as regards the differing views expressed by the House of Lords in Re HIH go to an issue of some importance and interest, particularly as to the limits on a universalist approach to cross-border insolvencies. The need to choose between those views does not arise in this case nor will it arise until a direction is sought for a remittal of assets from a liquidator in England to a foreign liquidation in which they will not be distributed on a pari passu basis. So far as anyone has discovered, no such direction had been sought in the United Kingdom or any Commonwealth country from the early days of corporate insolvency in the nineteenth century until 2005 when it arose in HIH."

Can anyone find an authority to the contrary? 

Picture Credit: http://www.nationalarchives.gov.uk/cabinetpapers/images/cabinetpapers/he8a01-0253194-main.jpg

No comments:

There was an error in this gadget