An application was made for recognition in Great Britain under the Cross-Border Insolvency Regulations 2006 ("CBIR") of new legislation in Croatia known as "Extraordinary Administration Proceeding".

This case considers section 245 of the Insolvency Act 1986, namely the rules on avoidance of certain floating charges, and provides analysis of the application of s245 notwithstanding the Liquidation originated in the British Virgin Islands.