European Perspective In Brief- November/December 2012

Europe has struggled mightily during the last several years to triage a long series of critical blows to the economies of the 27 countries that comprise the European Union, as well as the collective viability of eurozone economies. Here we provide a snapshot of some recent developments relating to insolvency and restructuring in the EU.

The United Kingdom—On October 24, 2012, the English Supreme Court handed down judgments in Rubin v. Eurofinance SA [2012] UKSC 46 and New Cap Re v. AE Grant [2012] UKSC 46, two unrelated cases, in both of which insolvency practitioners were seeking to enforce foreign (non-EU) court judgments arising from insolvency proceedings in their jurisdictions (the U.S. and Australia) against English defendants in English courts. The majority held that Cambridge Gas Transportation Corporation v. Official Committee of Unsecured Creditors of Navigator Holdings Plc [2007] 1 AC 508, the previously leading case, which promoted the idea of