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09 Aug 2010
Insolvency handlers in the US may be able to lobby English courts for help in clawing back assets held in the UK, despite administration proceedings not being active here.
In a recent case, the Court of Appeal ruled that a trust created by Eurofinance SA could recognise overseas insolvency actions enforced by US courts, the FT reported.
The ruling could also have an impact on high-profile cases such as Lehman Brothers and Bernard Madoff's companies.
In the case of Lehman Brothers, the US trustees could ask for assistance from UK courts in effecting bankruptcy judgments, while Madoff's UK victims could find themselves the target of clawbacks.
US trustees could seek to recoup cash from UK victims who may have been overpaid from Madoff's asset pool.
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