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In Re Agrokor DD and in the matter of the Cross-Border Insolvency Regulations 2006  EWHC 2791 (Ch),  All ER (D) 83 (Nov), the Companies Court had to decide whether to recognise a Croatian extraordinary administration proceeding as a ‘foreign proceeding’ despite, for the first time in an English court, the recognition application being contested by a creditor.
The applicant is the largest private company in Croatia. When it encountered financial difficulties, the Croatian Parliament passed the Law on extraordinary administration proceedings in companies of systemic importance for the Republic of Croatia (the Law), which was intended to facilitate the restructuring of the applicant and its subsidiaries and affiliates, and to preserve their businesses as going concerns.Very shortly afterwards, the applicant and several of its controlled and affiliated companies entered into an extraordinary administration proceeding under the Law.
The applicant then initiated proceedings in the High Court in London seeking, under SI 2006/1030, recognition in Great Britain of the extraordinary administration proceeding. The application was opposed by the respondent, a creditor of the applicant.
This was the first time that a recognition application had been opposed in the English courts. However, the respondent’s challenge was unsuccessful and the Companies Court granted recognition of the extraordinary administration proceeding.
The respondent opposed the recognition application on two main grounds:
The respondent submitted five arguments why the extraordinary administration proceeding was not a ‘foreign proceeding’:
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