Legal News

Court of Appeal upholds the Gibbs rule (Gunel Bakhshiyeva (in her capacity as the foreign representative of the OJSC Internationl Bank of Azerbaijan) v Sberbank of Russia)

Published on: 18 December 2018
Published by: LexisPSL
  • Court of Appeal upholds the Gibbs rule (Gunel Bakhshiyeva (in her capacity as the foreign representative of the OJSC Internationl Bank of Azerbaijan) v Sberbank of Russia)
  • What are the practical implications of this case?
  • What was the background?
  • What did the court decide?
  • Case details

Article summary

Restructuring & Insolvency analysis: The long awaited decision from the Court of Appeal in Bakhshiyeva (in her capacity as the foreign representative of the OJSC Internationl Bank of Azerbaijan) v Sberbank of Russia, upholds the Gibbs rule (which in summary states a debt governed by English law cannot be discharged or compromised by a foreign insolvency proceeding). The ruling is of significance to financial institutions, creditors or any commercial party with contracts governed by English law. or take a trial to read the full analysis.

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