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On appeal from [2011] CSIH 61.

The issue before the Court was how cross-claims between two credit institutions could be dealt with in insolvency proceedings in two different states in the EAA. The Court unanimously held that the extinction of Heritable’s claims by operation of Icelandic law in Landsbanki’s winding-up  did not have effect throughout the EEA and, in particular, therefore Heritable’s administrators could use the claims by way of set-off against Landsbanki’s claims in Heritable’s administration in Scotland.

For judgment, please download: [2013] UKSC 13
For Court’s press summary, please download: Court’s Press Summary
For a non-PDF version of the judgment, please visit: BAILII