Cross-Border Insolvency in Bermuda: Cambridge Gas Revisited
(2018) 4 Insolvency Intelligence 118
10 Pages Posted: 23 Jun 2018 Last revised: 18 Nov 2018
Date Written: June 6, 2002
This article considers the Bermudian case of Re Seadrill Limited, where the Supreme Court of Bermuda was once again confronted with cross-border insolvency issues stemming from US Chapter 11 reorganisation proceedings. I argue the difficult reasoning employed to “recognise” the Chapter 11 order was explicable in the aftermath of Rubin and Singularis. I show how the Bermuda court has now struggled to apply the common law power of judicial assistance in resolving cross-frontier issues, feeling the pressure to square its analysis with Rubin and Singularis and, in doing so, distinguish Cambridge Gas. I further argue there is still much to be said about Cambridge Gas, which should not be regarded as having been rejected in its entirety. Lastly, I suggest recent decisions in this area, including the Bermudian cases, do add to the sense that there really is something special about insolvency, for which the prescriptions of traditional private international law are inadequate.
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