Stay of English proceedings against insolvent Icelandic bank refused again (High Court) | Practical Law

Stay of English proceedings against insolvent Icelandic bank refused again (High Court) | Practical Law

In Lornamead Acquisitions Ltd v Kaupthing Bank HF [2011] EWHC 2611 (Comm), the Commercial Court considered an application by the insolvent Icelandic bank to stay English proceedings. The court considered arguments based on the Credit Institutions (Reorganisation and Winding Up) Regulations 2004 (SI 2004/1045), Article 17 of the 1988 Lugano Convention and forum non conveniens. It also discusses the extent to which the court was bound to follow an earlier first instance decision, Rawlinson & Hunter Trustees SA v Kaupthing Bank HF [2011] EWHC 566 (Comm).

Stay of English proceedings against insolvent Icelandic bank refused again (High Court)

Practical Law UK Legal Update 6-509-4321 (Approx. 9 pages)

Stay of English proceedings against insolvent Icelandic bank refused again (High Court)

by PLC Dispute Resolution
Published on 25 Oct 2011ExpandEngland, European Union, UK...Wales
In Lornamead Acquisitions Ltd v Kaupthing Bank HF [2011] EWHC 2611 (Comm), the Commercial Court considered an application by the insolvent Icelandic bank to stay English proceedings. The court considered arguments based on the Credit Institutions (Reorganisation and Winding Up) Regulations 2004 (SI 2004/1045), Article 17 of the 1988 Lugano Convention and forum non conveniens. It also discusses the extent to which the court was bound to follow an earlier first instance decision, Rawlinson & Hunter Trustees SA v Kaupthing Bank HF [2011] EWHC 566 (Comm).