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A recent decision involving the court’s common law recognition powers reaffirms that the court will not look to fill in significant gaps in the law, that being the role of Parliament.
This was a rare case on the limited extent of a court's common law assistance powers following the common law recognition of a Russian personal bankruptcy proceeding against Mr Bedzhamov. Statutory recognition under the Cross Border Insolvency Regulations 2006 was not available because Mr Bedzhamov did not have his COMI in Russia at the time of the personal bankruptcy.
The new 2021 Temporary Insolvency Practice Direction supporting the 2018 Insolvency Practice Direction deals with some of the legal and practical difficulties arising from the IR 2016 which will need substantive rule changes, in particular: