The importance of full and frank disclosure in seeking assistance under the CBIRs: a look at Re Dalnyaya Step LLC (In Liquidation) [2017] EWHC 3153 (Ch)

In this article Douglas Hawthorn and Coralie Gass of Michelmores examine the case of Re Dalnyaya Step LLC (In Liquidation). This matter concerned a company in liquidation in Russia and a challenge made against the recognition of those proceedings in Great Britain under the Cross-Border Insolvency Regulations 2006 (‘the CBIR’). The company’s liquidator (and ‘foreign representative’ for the purposes of the CBIR) had failed to make full and frank disclosure to the court on his application for recognition, and accordingly the court set aside the order ab initio. Readers interested in the Magnitsky Act or following recent events in Salisbury and ensuing tensions between UK and Russian governments may find this article of particular interest.

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Filed Under: CRI

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