Blue Skye — effect of insolvency proceedings in one member state on civil liability claims already ongoing in another
A recent case considered the effect of insolvency proceedings in one member state on civil liability claims already ongoing in another. The court concluded that the effect of the insolvency of a company in another member state on proceedings to determine liability that are pending in England is a matter of English procedural law for the English courts to decide.
The claimants were investors and lender in respect of a €200 million investment structure. The underlying assets are businesses in Italy. When set up in December 2008, the structure was such that the first defendant, an English limited partnership, indirectly held the interest in the Italian assets through investments in holding companies. The claimants alleged that the defendants had carried out a dishonest scheme to reorganise the structure so as to diminish or eliminate the claimants’ rights and interests in the underlying assets and to take control and benefit of the assets for themselves or their associates. One of the defendants (Stepstone) entered an insolvency process in Luxembourg after the current proceedings had been issued and served…
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