As the global economic storm continues to rage, in a timely
court judgment the Isle of Man Court has recently reiterated its
willingness to give assistance in cross border insolvency
situations. For the first time the Manx Court has recognised the
appointment of English company administrators. Given the current
financial climate it is likely that such recognition and others
like it will be invoked repeatedly in the coming months.
In a judgment delivered on 21 August 2008, (In re
MK Investments Limited and others Petition of Bradney and
others CP2008/60) the Manx Court considered the request of
administrators of MK Investments Limited and MK Aircraft Leasing
Limited that their appointments be recognised on the Island. The
administrators had been appointed on 10 June 2008 pursuant to the
provisions of the (United Kingdom) Insolvency Act 1986. The MK
companies, which were incorporated in the Isle of Man but carried
out business in England, had fallen into financial
