Goldman Sachs International v Novo Banco SA [2015] EWHC 2371 (Comm) (07 August 2015)

The claim is a civil and commercial matter within the Judgments Regulation as it is a debt claim under a contract, not an administrative challenge. The August decision of the Bank of Portugal transferred the liability to Novo Banco, making it party to the jurisdiction clause. The December decision is not a 'transfer' under Article 66 EBRRD or the UK implementing regulations and is not effective in English law to prevent the transfer. The English court has jurisdiction and should not decline or stay proceedings.

Citation: [2015] EWHC 2371 (Comm)
Parties: Claimant/respondent (2015 215): Goldman Sachs International; Defendant/applicant (2015 213, 2015 215): Novo Banco S.A.; Claimant/respondent (2015 213): Guardians of New Zealand Superannuation as Manager and Administrator of the New Zealand Superannuation Fund; Claimant/respondent (2015 213): Andorra Gestió Agricol Reig, S.A.U.S.G.O.I.C.; Claimant/respondent (2015 213): APWIA Fund SPC Ltd; Claimant/respondent (2015 213): Olifant Fund, Ltd; Claimant/respondent (2015 213): FYI Ltd; Claimant/respondent (2015 213): FFI Fund Ltd; Claimant/respondent (2015 213): Elliott International, LP; Claimant/respondent (2015 213): The Liverpool Limited Partnership; Claimant/respondent (2015 213): Karrick Limited; Claimant/respondent (2015 213): GL Europe Luxembourg S.A.R.L.; Claimant/respondent (2015 213): Silver Point Luxembourg Platform S.à r.l.; Claimant/respondent (2015 213): TDC Pensionskasse
Jurisdiction: England and Wales
Judgment Date: 07 August 2015
Procedural Posture: Commercial Court Proceedings (applications to Set Aside/stay) / Interlocutory Application (jurisdiction and Stay)
Outcome: Applications to set aside or stay dismissed; English court has jurisdiction.
Legal Topics: Jurisdiction Under Brussels Regulation, Recognition of Foreign Insolvency Measures, Statutory Transfer of Liabilities, Interpretation of EU Directives, Effect of Administrative Acts, Contractual Jurisdiction Clauses

Banking and Finance Conflict of Laws Insolvency European Union Law Jurisdiction Under Brussels Regulation Recognition of Foreign Insolvency Measures Statutory Transfer of Liabilities Interpretation of EU Directives +2 more

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Parties

Goldman Sachs International

Claimant/respondent (2015 215)

Novo Banco S.A.

Defendant/applicant (2015 213, 2015 215)

Guardians of New Zealand Superannuation as Manager and Administrator of the New Zealand Superannuation Fund