Samsun Logix Corporation v Def

Samsun Logix Corporation v Def

The requirements for recognition of the Korean insolvency proceeding as a foreign main proceeding under article 17 were satisfied, no public policy exception applied, and the court was satisfied that a stay of the pending arbitration and the discretionary relief sought under article 21 were proper and necessary.

Parties
Claimant/respondent: Samsun Logix Corporation; Defendant/appellant: DEF
Jurisdiction
England and Wales
Judgment Date
12 March 2009
Procedural Posture
Insolvency Application / Application for Recognition of Foreign Insolvency Proceeding
Outcome
application granted
Legal Topics
Recognition of Foreign Proceedings, UNCITRAL Model Law, Stay of Proceedings, Discretionary Relief
Insolvency Cross Border Insolvency Recognition of Foreign Proceedings UNCITRAL Model Law Stay of Proceedings Discretionary Relief

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Parties

Samsun Logix Corporation

Claimant/respondent

DEF

Defendant/appellant

Procedural Posture

Insolvency Application / Application for Recognition of Foreign Insolvency Proceeding

Legal Issues

  1. 1 Whether the Korean insolvency proceeding should be recognised under the Cross-Border Insolvency Regulations 2006
  2. 2 Whether the proceeding is a foreign main proceeding
  3. 3 Whether a stay of arbitration proceedings should be ordered

Ratio Decidendi

The requirements for recognition of the Korean insolvency proceeding as a foreign main proceeding under article 17 were satisfied, no public policy exception applied, and the court was satisfied that a stay of the pending arbitration and the discretionary relief sought under article 21 were proper and necessary.

Court Disposition

application granted

Orders

  • Recognition of the Korean insolvency proceeding as a foreign main proceeding
  • Stay of pending arbitration against the company