Global Restructuring Review - Cross-border restructuring and insolvency legal news, features and events

Cross-border relief refused in Azeri bank restructuring as English court cites Gibbs

By Kyriaki Karadelis

18 January 2018

Cross-border relief refused in Azeri bank restructuring as English court cites Gibbs Baku, capital of Azerbaijan iStock.com/Madzia71

A UK court has said it lacks jurisdiction, in the presence of the Gibbs rule, to grant the foreign representative of an Azeri bank an extended moratorium in England preventing creditors with English-law governed debt from enforcing their contractual rights in the UK after the Azeri restructuring process ends.