U.K. Top Court Announced It Will Not Recognize U.S. Bankruptcy Judgments

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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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DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

© Joel Glucksman, Scarinci Hollenbeck | Attorney Advertising

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