U.K. Top Court Announced It Will Not Recognize U.S. Bankruptcy Judgments
by Joel R. Glucksman on November 6, 2012
The United Kingdom's Supreme Court has ruled that for the first time in history, it would not recognize decisions by the United States bankruptcy courts against debtor companiesthat fail to appear in court to defend themselves.
The case in question revolved around a $10 million default judgment from the
bankruptcy courts in New York against Eurofinance SA, a distressed company located in the British Virgin Islands. When the trustee for Eurofinance sought to enforce the New York judgment in England, the High Court denied the request.
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