McGrath and others v Riddell and another [2008] UKHL 21; [2008] WLR (D) 101
“If the country of the principal winding up of an insolvent company was a designated ‘relevant country’ for the purposes of s 426 of the Insolvency Act 1986 and the insolvency laws of that country would involve a pari passu distribution of assets to ordinary unsecured creditors, then an English court should accede to a request to remit assets located in England to the principal liquidators for distribution according to the foreign law even if, under that law, there would be a class of preferential creditors who would not have had priority under English insolvency law.”
WLR Daily, 10th April 2008
Source: www.lawreports.co.uk
Please note once a case has been fully reported in one of the ICLR series the corresponding WLR Daily summary is removed.
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