Cross Border Insolvency Regulations 2006 - Re Stanford International Bank Ltd & Ors  EWHC 1441 (Ch) (03 July 2009)
Mr Justice Lewison's judgment has been handed down in Re Stanford International Bank Ltd & Ors,  EWHC 1441 (Ch).The judgment relates to the massive ponzi scheme operated by "Sir" Allen Stanford. In particular Mr Justice Lewison had to consider the following issue:
"Both the Receiver and the Liquidators apply for recognition under the Cross Border Insolvency Regulations 2006. Each of them alleges that the proceedings in which they have been respectively appointed are "main proceedings" for the purposes of the 2006 Regulations. The apparent lack of co-operation between them has resulted in an expensive application at the creditors' expense."
Interestingly Professor Westbrook is cited in the case (at paragraphs 66, 80 and 81) as an expert witness.
"This is the ultimate statement of where the law on IVAs is to be found in our great common law...