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Unlawful execution under Lugano Convention cannot found bankruptcy petition (Islandsbanki HF v Stanford)

Unlawful execution under Lugano Convention cannot found bankruptcy petition (Islandsbanki HF v Stanford)
Published on: 14 April 2020
Published by: LexisPSL
  • Unlawful execution under Lugano Convention cannot found bankruptcy petition (Islandsbanki HF v Stanford)
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  • What was the background?
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Article summary

Restructuring & Insolvency analysis: This article analyses the recent decision of the Court of Appeal where a creditor sought to enforce an Icelandic judgment under the Lugano Convention by registering it in England, and a writ of control was then issued even though the debtor had a month to appeal the registration during which no enforcement action could be taken. The Court of Appeal upheld the lower courts’ decisions that the unsatisfied writ was not ‘execution’ for the purposes of section 268(1)(b) of the Insolvency Act 1986 (IA 1986) and so could not found a bankruptcy petition, and the writ of control had to be set aside. Written by Toby Brown, barrister at South Square. or take a trial to read the full analysis.

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