In one of only a handful of judgments offering guidance on the application of the Cross Border Insolvency Regulations 2006 (“CBIR”), Morgan J lifted the automatic stay of proceedings in relation to the Singaporean First Respondent, Bilcare Singapore Pte Limited. He did so to enable the Applicant, (“United Drug”) to continue the ICC arbitration which United Drug had commenced against Bilcare Singapore and its Indian-incorporated parent company. An important factor in the exercise of the Court’s discretion was the fact Bilcare Singapore, as the company subject to the insolvency process, was not the only respondent to the arbitration and it was desirable that United Drug should be able to proceed against both parties together. Moreover, there was no evidence before the Court to indicate that there would be an undue burden on the judicial managers of Bilcare Singapore if the arbitration were allowed to continue.
Andrew Fulton appeared for the Applicant, United Drug.