On 3 September 2025, the Court of Appeal handed down judgment in East Riding of Yorkshire Council v KMG SICAV-SIF-GB Strategic Land Fund [2025] EWCA Civ 1137, confirming that a “dedicated fund” of a Luxembourg specialised investment company was not an “unregistered company” within the meaning of section 220 of the Insolvency Act 1986 (the “Act”), and therefore could not be wound up by the court under section 221 of the Act.
Sections 220 and 221 of the Act provide for the winding up of an “unregistered company”, which is defined to include any association and any company that is not registered in the UK under the Companies Act 2006, including a foreign company. The Court of Appeal held that the fund in question was not…