Stocznia Gdynia SA v Bud-Bank Leasing SP. ZO. O, Re [2009] EWHC B43 (Comm) (29 June 2009)

Stocznia Gdynia SA v Bud-Bank Leasing SP. ZO. O, Re [2009] EWHC B43 (Comm) (29 June 2009)

The Polish compensation proceedings possess the attributes required by Article 2(i) of the UNCITRAL Model Law, are collective, judicial and administrative, and are eligible for recognition under the Cross-Border Insolvency Regulations 2006. There is no public policy reason to refuse recognition, and all formal requirements have been satisfied.

Citation
[2009] EWHC B43 (Comm)
Parties
Debtor: Stocznia Gdynia SA; Debtor: Stocznia Szczecinska Nowa SP zo.o.; Compensation Administrator: Bud-Bank Leasing SP. zo.o.; Provisional Administrator: Roman Eugeniusz Nojszewski; Director of Bud Bank Leasing: Miroslav Janusz Bryska; Solicitor for Applicant: Edwin Cheyney; Counsel for Applicant: Mr Davis
Jurisdiction
England and Wales
Judgment Date
29 June 2009
Procedural Posture
Cross Border Insolvency Recognition Application / Judgment on Recognition Order
Outcome
applications granted; recognition orders made
Legal Topics
Recognition of Foreign Proceedings, UNCITRAL Model Law, EC Regulation on Insolvency Proceedings, Public Policy Exception
Insolvency Cross Border Insolvency EU Law Recognition of Foreign Proceedings UNCITRAL Model Law EC Regulation on Insolvency Proceedings Public Policy Exception

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Parties

Stocznia Gdynia SA

Debtor

Stocznia Szczecinska Nowa SP zo.o.

Debtor

Bud-Bank Leasing SP. zo.o.

Compensation Administrator

Roman Eugeniusz Nojszewski

Provisional Administrator

Miroslav Janusz Bryska

Director of Bud Bank Leasing

Edwin Cheyney

Solicitor for Applicant

Mr Davis

Counsel for Applicant

Procedural Posture

Cross Border Insolvency Recognition Application / Judgment on Recognition Order

Legal Issues

  1. 1 Are Polish compensation proceedings eligible for recognition under the Cross-Border Insolvency Regulations 2006?
  2. 2 Do the proceedings meet the definition of 'foreign proceeding' under Article 2(i) of the UNCITRAL Model Law?
  3. 3 Is there any public policy reason to refuse recognition?

Ratio Decidendi

The Polish compensation proceedings possess the attributes required by Article 2(i) of the UNCITRAL Model Law, are collective, judicial and administrative, and are eligible for recognition under the Cross-Border Insolvency Regulations 2006. There is no public policy reason to refuse recognition, and all formal requirements have been satisfied.

Court Disposition

applications granted; recognition orders made

Orders

  • Recognition of Polish compensation proceedings under Cross-Border Insolvency Regulations 2006
  • Protection of assets from creditor claims in UK courts