Where does Rubin leave Isle of Man insolvency practitioners?
The recent decision of Rubin v Euro Finance SA and others  UK SC 46 has been welcomed in England and Wales as clarifying the English common law applying to the recognition and enforcement of foreign judgments made in relation to foreign insolvency proceedings.
In contrast to the case of Cambridge Gas Transportation Corpn v Official Committee of Unsecured Creditors of Navigator Holdings PLC  2 All ER (Comm) 695, PC the Supreme Court determined in Rubin that the recognition and enforcement of foreign insolvency judgments is subject to the same common law restrictions which apply to the enforcement of any other type of foreign judgment in England and Wales. Rubin has rejected Lord Hoffman’s finding in Cambridge Gas that a foreign judgment in insolvency proceedings can be automatically enforced under common law without applying the normal common law restrictions, which would apply to the enforcement of a foreign judgment in rem or in personam not made in insolvency proceedings. Lord Hoffman found that insolvency proceedings are merely a mechanism for enforcing creditors’ rights rather than establishing them. In rejecting this approach the Supreme Court has restored the restrictions upon the circumstances in which a foreign insolvency judgment can be enforced in England and Wales under the common law. However, this narrowing of the common law may not necessarily be followed by the Court in the Isle of Man…
If you are registered and logged in to the site, click on the link below to read the rest of the Appleby briefing. If not, please register or sign in with your details below.
Sign in or Register to continue reading this article
It's quick, easy and free!
It takes just 5 minutes to register. Answer a few simple questions and once completed you’ll have instant access.Register now
Why register to The Lawyer
In-depth, expert analysis into the stories behind the headlines from our leading team of journalists.
Identify the major players and business opportunities within a particular region through our series of free, special reports.
Receive your pick of The Lawyer's daily and weekly email newsletters, tailored by practice area, region and job function.
More relevant to you
To continue providing the best analysis, insight and news across the legal market we are collecting some information about who you are, what you do and where you work to improve The Lawyer and make it more relevant to you.
News from Appleby
News from The Lawyer
Briefings from Appleby
Bermuda’s legal framework facilitates the creation of flexible and economically viable co-investment vehicles within a stable and business-friendly jurisdiction.
Feltham v Bouskell provides a cautionary tale for lawyers regarding the need to act quickly upon the receipt of instructions from elderly or ill clients.
Analysis from The Lawyer
Offshore law firms have long supplemented their legal offerings with fiduciary business, but will that model last?
Business is booming in the Isle of Man, a small jurisdiction that thinks big