Demystifying Ancillary Winding-Up: Disapplying Local Substantive and Procedural Rules

11 Pages Posted: 7 Jan 2008

Date Written: January 6, 2008

Abstract

The Scottish decision in Morris (Liquidator of Bank of Credit & Commerce International), Re Petition of The Bank of England is correct that an ancillary winding-up makes good sense and may disapply local procedural rules that do not serve any practical purpose. Owing to a misunderstanding of the English authorities and the principle of pari passu distribution, the Scottish court wrongly concluded that local substantive rules may not be disapplied.

Keywords: cross-border insolvency, principle of pari passu distribution, dis-applying local rules, ancillary winding-up, cross-border cooperation

JEL Classification: K10, K19, K20, K29, K30, K33, K39, K40, K41, K49

Suggested Citation

Ho, Look Chan, Demystifying Ancillary Winding-Up: Disapplying Local Substantive and Procedural Rules (January 6, 2008). Available at SSRN: https://ssrn.com/abstract=1081187 or http://dx.doi.org/10.2139/ssrn.1081187

Look Chan Ho (Contact Author)

Des Voeux Chambers ( email )

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