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UPDATED: Ghanaian bank triggers insolvency proceedings for Indian guarantor using English court decree

By Jessica McKay

11 May 2018

UPDATED: Ghanaian bank triggers insolvency proceedings for Indian guarantor using English court decree


Nuts iStock.com/margouillatphotos

A Ghanaian bank has been successful in its bid to start Indian insolvency proceedings against a nut processing company that guaranteed loans for its Accra-based subsidiary by citing an English High Court judgment – the first time a creditor has used a foreign decree as the basis to proceed under the Insolvency and Bankruptcy Code 2016.