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Insolvency Law

Expert guidance on all aspects of corporate and personal insolvency

26 SEP 2013

Schrade v Sparkasse Ludenscheid

(Chancery Division, Chief Registrar Baister, 19 July 2013)

S was a German national. He lost litigation in Germany in July/August 2012. In about February/March 2012 SL had commenced litigation against him. S stated that this had encouraged him to leave his wife and start a new life in England. After establishing a company, on 31 January 2012 he presented his own bankruptcy petition. It was adjourned, with a requirement that S prepared detailed evidence and serve the petition on his creditors. SL opposed the petition. Chief Registrar Baister dismissed the petition. The administration of his economic and financial interests, including the ongoing litigation, was governed more in Germany than in England. While S might have a presence in England, his family ties were still in Germany, he had a more substantial presence in Germany. Further, it did not appear that S and his wife were truly separated and it appeared that he had entered into a number of transactions in Germany disposing of his assets with the purpose of window dressing. Finally, S had been misleading in his statement of affairs and had not properly complied with his disclosure obligations, and so the court would have exercised its discretion against making a bankruptcy order even if it had jurisdiction to make one.

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