An opinion issued this week is the first examination by a Scottish court of the principle of ‘modified universalism’ and the requirements for an enforceable floating charge where all the company’s property is situated in a non-UK jurisdiction.
This opinion by Lord Tyre in the Court of Session concerns three companies incorporated in Scotland, but which carried on business in India.
An administrator was appointed to all three companies under the Insolvency Act 1986, but the companies were also subject to various orders made in India which prohibited them from dealing with or granting charges over their assets. One of the companies had also already been placed into liquidation in India,…
Read the full article at: http://www.shoosmiths.co.uk/client-resources/legal-updates/modified-universalism-in-a-scottish-insolvency-case-11984.aspx
