Thomas v Frogmore: COMI Factors and Improper Motive Reviewed

This article was originally published in International Corporate Rescue, Volume 14 Issue 5, 2017.  Please click here to read the original article.

This article was first published in The Commercial Litigation Journal.

This article first appeared in Volume 16, Issue 6 of International Corporate Rescue and is reprinted with the permission of Chase Cambria Publishing - www.chasecambria.com

Synopsis

• Judgment was handed down in long-running bankruptcy proceedings against Kevin Stanford, a well-known businessman who founded fashion brands such as All Saints and Karen Millen (with his former wife of that name).
• The focus below is on the petition of Islandsbanki HF (“IB”).

Background

The Debtor

On 1 March 2019 the Court of Appeal handed down judgment in First City Monument Bank Plc v Zumax Nigeria Ltd [2019] EWCA Civ 294, a decision which will provide welcome clarity to those engaged in international banking and the financing of international trade.

A copy of the judgment can be found here.

Introduction 

1. The bank successfully appealed an order refusing to give or reserve judgment after hearing full submissions in the bank’s petition and instead listing the petition for hearing at the same time as two later-in-time petitions to bankrupt the debtor.

The Background

This article was first published in Butterworth's Journal of International Banking & Financial Law. To access a copy click here. 

Key Points

This article was originally published in International Corporate Rescue, Volume 14 Issue 5, 2017.  Please click here to read the original article.