Rely on the most comprehensive, up-to-date legal content designed and curated by lawyers for lawyers
Work faster and smarter to improve your drafting productivity without increasing risk
Accelerate the creation and use of high quality and trusted legal documents and forms
Streamline how you manage your legal business with proven tools and processes
Manage risk and compliance in your organisation to reduce your risk profile
Stay up to date and informed with insights from our trusted experts, news and information sources
Access the best content in the industry, effortlessly — confident that your news is trustworthy and up to date.
Find up-to-date guidance on points of law and then easily pull up sources to support your advice with Lexis PSL
With over 30 practice areas, we have all bases covered. Find out how we can help
Our trusted tax intelligence solutions, highly-regarded exam training and education materials help guide and tutor Tax professionals
Regulatory, business information and analytics solutions that help professionals make better decisions
A leading provider of software platforms for professional services firms
In-depth analysis, commentary and practical information to help you protect your business
LexisNexis Blogs shed light on topics affecting the legal profession and the issues you're facing
Legal professionals trust us to help navigate change. Find out how we help ensure they exceed expectations
Lex Chat is a LexisNexis current affairs podcast sharing insights on topics for the legal profession
Discuss the latest legal developments, ask questions, and share best practice with other LexisPSL subscribers
Does section 236 of the Insolvency Act 1986 (IA 1986) have extra-territorial effect? Marc Brown, a barrister at St Philips Chambers, discusses the court’s decision in Re MF Global UK Ltd and its implications for practitioners.
Re MF Global UK Ltd  EWHC 2319 (Ch),  All ER (D) 22 (Aug)
The joint special administrators of a financial markets broker-dealer sought orders under IA 1986, ss 236 and 237(3) seeking the production of documents from the respondent clearing houses. Alternatively, an order seeking similar information was sought against one of the respondents, a French company, under Council Regulation (EC) 1206/2001 (the Evidence Regulation).
The Chancery Division, in dismissing the applications, held that IA 1986, s 236 did not have extra-territorial effect, the order sought was outside the scope of the Evidence Regulation and there was no cause to exercise its discretion under IA 1986, s 236 in respect of the English company respondent.
The Joint Special Administrators of MF Global UK Ltd (MF Global) sought an order under IA 1986, s 236 against LCH.Clearnet Limited (LCH UK) and LCH.Clearnet SA (LCH France).
The information sought comprised production of documents and a full description by way of witness statement of the process by which LCH UK and LCH France closed out on MF Global’s open positions very shortly after the appointment of the administrators.
The application was opposed by LCH France on the grounds that the court had no jurisdiction to make any order under IA 1986, s 236 against it.
Both LCH UK and LCH France argued that in any event the court should not exercise its discretion to make the orders sought.
The court therefore had to consider:
Access this article and thousands of others like it free by subscribing to our blog.
Read full article
Already a subscriber? Login
Stephen qualified as a solicitor in 2005 and joined the Restructuring and Insolvency team at Lexis®PSL in September 2014 from Shoosmiths LLP, where he was a senior associate in the restructuring and insolvency team.
Primarily focused on contentious and advisory corporate and personal insolvency work, Stephen’s experience includes acting for office-holders on a wide range of issues, including appointments, investigations and the recovery and realisation of assets (including antecedent transaction claims), and for creditors in respect of the impact on them of the insolvency of debtors and counterparties.
0330 161 1234