A second bankruptcy petition was brought by a Russian bank against a Russian debtor, who was already bankrupt in Russia. The petition was based on Russian law debts, for which the bank had already proven in the Russian bankruptcy. The petition was defended on the basis that the bank did not have standing to petition. Under Russian law, when bankruptcy proceedings are opened, creditors can only prove in the Russian bankruptcy and cannot take any other steps.
On Saturday 28 March 2020, the Government announced significant changes to UK insolvency law to help companies and directors weather the economic storm caused by the Coronavirus (COVID-19) pandemic.
As part of a range of measure to help companies, the Business Secretary, Alok Sharma, announced:
The repercussions of Bernard Madoff’s multi-billion-dollar Ponzi scheme are still being felt throughout the offshore and insolvency worlds, over 10 years after the fraud was exposed in 2008.
Its latest appearance came in an appeal to the Privy Council from the BVI courts in UBS AG New York v Fairfield Sentry Ltd (In Liquidation) [2019] UKPC 20. The judgment clarifies important points about BVI insolvency law in cross-border cases.