This article sets out the potential impact in the BVI and Cayman
of the much anticipated Supreme Court decision in Rubin v.
Eurofinance SA [2012] UKSC 46, which was handed down on 24
October 2012. Rubin deals with the issue of whether orders
made in Chapter 11 bankruptcy proceedings in the United States can
be enforced as judgments of the English Courts.
COMPETING SETS OF RULES AND PRINCIPLES
There are two sets of legal rules, each developed with very
different aims in mind, which might provide the answer to this
issue. First, the well-established conflict of laws rules
applicable to the enforcement of foreign judgments. Secondly, the
rules and principles of cross-border insolvency. Broadly speaking,
the first set of rules is aimed at keeping a sovereign nation's
law and authority within its proper bounds. The second set of rules
is aimed at achieving a single insolvency in the place of the
debtor's main domicile and encouraging the co-operation of
other
