IFLR | October.26.2018
Stephen Phillips, co-head of Orrick’s European Restructuring team, recently spoke with IFLR for an article on how an ongoing insolvency case involving the International Bank of Azerbaijan risks ‘fundamentally changing’ the English legal landscape. The case focuses on an insolvency rule that was created 128 years ago and asks whether it is now out of date and, if so, what kind of insolvency framework would need to be introduced to replace it in the UK.
According to Stephen, "I can imagine that if the UK adopted a US chapter 15 type recognition it would be frequently used given that many corporates hold assets or flow monies through the UK, and they would want to know the UK courts would respect a foreign insolvency proceeding."
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