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International Corporate Rescue

Journal Issues

  • Vol 1 (2004)
  • Vol 2 (2005)
  • Vol 3 (2006)
  • Vol 4 (2007)
  • Vol 5 (2008)
  • Vol 6 (2009)
  • Vol 7 (2010)
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  • Vol 9 (2012)
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  • Vol 11 (2014)
  • Vol 12 (2015)
  • Vol 13 (2016)
  • Vol 14 (2017)
  • Vol 15 (2018)
  •         Issue 1
  •         Issue 2
  •         Issue 3
  •         Issue 4
  •         Issue 5
  •         Issue 6
  • Vol 16 (2019)
  • Vol 17 (2020)
  • Vol 18 (2021)
  • Vol 19 (2022)

Vol 15 (2018) - Issue 6

Article preview

Recent Irish Supreme Court Decision on Assignment Of Claims, Third Party Litigation Funding and Champerty: A Prelude to Real Progress

Gavin Smith, Partner, and Greg Cooney, Senior Associate, Walkers, Dublin, Ireland

Synopsis
On 31 July 2018, Ireland’s highest court, the Supreme Court, delivered a 5-judge unanimous ruling in SPV Osus Limited v HSBC Institutional Trust Services (Ireland) Limited and Others1 in a case that examined the assignability of a cause of action under Irish law.

Background
The background to the proceedings has its origins in the Bernard L Madoff Investments LLC ('Madoff') Ponzi scheme fraud and the entitlement to make claims in the Madoff bankruptcy. As part of the Madoff bankruptcy, a company known as Optimal Strategic US Equity Limited ('Optimal') had a claim in the amount of US$1.5bn which carried with it an entitlement to be paid in priority to the liquidation, as well as an unsecured, non-priority claim in the amount of c. US$1.3bn.

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International Corporate Rescue

"I see a lot of corporate restructuring publications but International Corporate Rescue has struck the right balance of case studies and new technical issues, all wrapped up in a very reader-friendly style."

Alan Bloom, Head of Restructuring, EY, London

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