Vol 15 (2018) - Issue 5

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Re Agrokor [2017] EWHC 2791 (Ch) (9 November 2017)

Introduction
On 9 November 2017, judgment was handed down by the Companies Court in Re Agrokor [2017] EWHC 2971 (Ch). The application was for recognition in Great Britain (i.e. England, Wales and Scotland) under the Cross-Border Insolvency Regulations 2006 (the 'CBIR') of 'extraordinary administration proceedings' ongoing in Croatia as 'foreign proceeding' within article 2(i) of Schedule 1 of the CBIR. The application was vigorously contested by Sperbank of Russia ('Sperbank'), Agrokor’s largest creditor, and was the first time in an English court that a recognition application had been opposed. However, despite this opposition, recognition was granted.