Isle of Man: Insolvency/Bankruptcy

The Isle of Man High Court has issued a landmark decision confirming for the first time in a reported judgment the considerations that the Isle of Man Court will adopt

Claire Corkish from Appleby's Isle of Man Dispute Resolution team attended the INSOL Europe Annual Congress in Athens this October.

The scheme must represent a genuine compromise by which the members and creditors obtain some advantage that compensates them for the alteration of their rights.

Retention of Title clauses in Supply Contracts serve the useful purpose that if a customer fails to pay, particularly in case of insolvency, the supplier can get his goods back, provided the contract makes it clear that title is not to pass until payment is made and the other requirements for an effective Retention of Title clause are in place.

On 9 January 2014, His Honour Deemster Doyle (the Isle of Man's Chief Justice) issued his judgment in the case Capita v Gulldale.

In May 2013, the Supreme Court handed down judgment in the case of "BNY Corporate Trustee Services Limited and others v Eurosail-UK 2007-3BL PLC".