Source: All England Reporter
Publisher Citation: [2013] All ER (D) 332 (Feb)
Neutral Citation: [2013] UKSC 13
Court: Supreme Court
Judge:

Lord Hope Deputy President, Lord Walker, Lord Kerr, Lord Reed and Lord Carnwath

Representation David Alexander QC, Stephen Robins and Paul O'Brien (instructed by Morrison and Foerster (UK) LLP) for the appellant.
  Gabriel Moss QC, Martin Pascoe QC, Sarah Wolffe QC and Georgina Peters (instructed by Freshfields Bruckhaus Deringer LLP) for the respondent.
Judgment Dates: 27 February 2013

Catchwords

Conflict of laws - Jurisdiction - Challenge to jurisdiction - Scottish bank being subsidiary of Icelandic bank - Scottish bank being in administration - Winding-up board being appointed for Icelandic bank - Banks making cross claims during insolvency proceedings - Scottish claims being rejected in Iceland - Icelandic decision not being replicated in Scotland - Determination of cross-claims between parties - Applicable law - Credit Institutions (Reorganisation and Winding Up) Regulations 2004, - Directive (EC) 2001/24.

The Case

Conflict of laws Jurisdiction. Having considered the Credit Institutions (Reorganisation and Winding Up) Regulations 2004, SI2004-1045 in accordance with Council Directive (EC)2001-24 (on the reorganisation and winding up of credit institutions), the Supreme Court dismissed the appeal by the Winding-Up Board of Landsbanki Islands hf against the decision of the First Division (Scotland) concerning claims submitted by Landsbanki Islands hf, a credit institution incorporated under Icelandic law, in the administration of its wholly-owned subsidiary, Heritable Bank plc, a credit institution incorporated under the with its registered office in Scotland.

Practice Areas

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