Mr Justice Rajah’s judgment ([2023] EWHC 923 (Ch), link below) is a useful addition to the line of cases following Re OJSC International Bank of Azerbaijan [2018] EWCA Civ 2802 and Chang v Cosco Shipping (Qidong) Offshore Ltd [2022] BCC 176. The judge considered that even where a creditor’s debt is governed by English law there is jurisdiction to order a stay in aid of a foreign restructuring plan both prior to that restructuring’s promotion and approval, and after its approval (albeit this second issue was not strictly before the judge), and that both IBA and Chang must be read as decisions on their particular facts. The rule in Gibbs would not inevitably conflict with a CBIR stay provided that stay was procedural in character.
Felicity Toube KC, Adam Al-Attar and Lottie Pyper were instructed by Yasseen Gailani and Leo Kitchen at Quinn Emanuel, and Tom Jemmett and Mallika Abidi at Kirkland & Ellis.
Barry Isaacs KC was instructed by Jennifer Miles, Oliver Shipway, Nick Barnard, and Nick Catlin at Eversheds Sutherland.
