Earlier this year, the German Federal Court found that recognition of the Scheme of Arrangement related to insurance matters would be contrary to European legislation on the recognition and enforcement of judgements.
As this judgement is limited to insurance matters, it is not anticipated that the decision amounts to a general refusal by the German courts to recognise all English Schemes of Arrangement.
The German Federal Court expressly considered whether Schemes should be recognised as "judgements" within the meaning of the Judgement Regulation. This argument may be used as a basis for the future recognition of English Schemes of Arrangement by German courts.
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