Cambridge Gas Is Alive And Well In Bermuda

The Bermuda Supreme Court ("the Bermuda Court") has reinforced its embrace of international comity in cross-border insolvency -- an important development for those concerned with the international recognition and enforcement of liquidation proceedings.

In its recent decision in In the matter of Saad Investments Company Limited [2013] SC (Bda) 28 Com (15 April 2013), the Bermuda Court reaffirmed the correctness of its common law jurisdiction to assist foreign liquidators in accordance with the principles laid down in Cambridge Gas Transportation Corp v Official Committee of Unsecured Creditors of Navigator Holdings plc [2006] UKPC 26.  There was some question as to whether those principles survived the criticism of Cambridge Gas by a majority of the English Supreme Court in Rubin v Eurofinance andNew Cap Re v AE Grant [2012] UKSC 46.