Vol 15 (2018) - Issue 3

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Bakhshiyeva v Sberbank of Russia and others [2018] EWHC 59 (Ch) (18 January 2018)

Introduction
On 18 January 2018, Hildyard J handed down judgment in Bakhshiyeva v Sberbank of Russia and others [2018] EWHC 59 (Ch). The application concerned the question of whether the Court has power to grant a permanent moratorium or stay to prevent a creditor exercising its rights under a contract governed by English law in order to prevent that creditor enforcing its rights contrary to the terms of the foreign insolvency proceedings by which all creditors were, under the relevant foreign law, intended to be bound. If the answer to this question was yes, the Court was then required to consider whether, in its discretion, it should exercise that power. However, after careful consideration, Hildyard J held the answer to be 'no'.