The Supreme Court of Bermuda has clarified the rules for
granting common law recognition and assistance to foreign office
holders following the landmark Privy Council decision of Singularis
Holdings Ltd v Pricewaterhouse Coopers [2015] A.C. 1675. The
decision demonstrates that the Bermuda Courts are willing to take a
robust approach to foreign office holders who arrive in Bermuda
seeking to use common law recognition as an evidence gathering tool
for litigation.
Issues
Foreign liquidators may apply for recognition in Bermuda
pursuant to the common law by the application of the principles of
comity. There are no statutory mechanisms in Bermuda for the
recognition of foreign insolvency proceedings or for cross-border
cooperation in insolvency or restructurings. Bermuda has not
adopted the UNCITRAL Model Law on Cross-Border Insolvency.
