The Outer House of the Court of Session has denied a petition for recognition of foreign legal proceedings brought under the Cross-Border Insolvency Regulations, 2006.
The petition concerned two orders made by the Singapore High
Court relating to Prosafe Rigs Pte Ltd and Prosafe SE, and was opposed by the
respondent, Cosco Shipping, a creditor of both companies. Lord Ericht refused
the petition on the grounds that the liabilities of both companies stand
outside the collective insolvency process.
The respondent was represented by Lord Keen QC.