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In a recent decision of the Royal Court of Jersey, Mourant Ozannes successfully obtained orders of the Royal Court recognising ‘debtor in possession’ bankruptcy orders of the Ontario Superior Court of Justice (‘the Canadian court’), relating to Lydian International Limited, a Jersey company. It is the first time that such Canadian proceedings have been recognised in Jersey. The judgment of the Royal Court establishes precedent for recognition of Canadian insolvency proceedings in Jersey, represents a development to the customary law principles of comity and reciprocity in Jersey, and contains informative analysis as to the factors that the court will balance when deciding whether to exercise its jurisdiction to assist foreign courts in insolvency matters. Written by Stephen Alexander, partner, and Max Galt, associate, at Mourant Ozannes in Jersey.
In the matter of the representation of Lydian International Limited  JRC049
This welcome decision shows the willingness of the Royal Court to take a pragmatic approach when it comes to assisting foreign courts with complicated international insolvencies. It shows that the Jersey court will recognise foreign insolvency processes even where there is no equivalent process in Jersey, if it is appropriate to do so in the circumstances. Jersey retains a sophisticated and flexible judicial system which facilitates collaboration in cross-border insolvencies, and this decision adds to its prominence as an important international insolvency centre.
Lydian International is a Jersey company and the ultimate holding company for the wider Lydian Group. The Lydian Group is a complex, integrated, international structure. Its business is focused on the construction of its wholly owned development-stage gold mine in Armenia. Due to (allegations of) unlawful conduct of the government of Armenia relating to the development of the mine, the Lydian Group faces catastrophic financial difficulties.
Lydian International, along with certain other entities within the Lydian Group, ap
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