Justin Michaelson Cited by <em>Global Turnaround</em> on <em>Gibbs</em> Principle

Justin Michaelson Cited by Global Turnaround on Gibbs Principle

Global Turnaround quoted litigation partner Justin Michaelson in its litigation coverage of the High Court case between Sberbank and the International Bank of Azerbaijan (IBA). The proceeding involved the voluntary restructuring of the IBA, under which it made an application to the High Court for an order for a permanent moratorium against creditor action in England and Wales. Mr. Michaelson, who represented Sberbank, discusses how this case affirms the Gibbs Principle, which dictates that the discharge of an English law governed debt under the insolvency laws of a jurisdiction outside of England and Wales is not a valid discharge of such debt.

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