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[2008] UKHL 21
If the country of the principal winding up of an insolvent company was a "relevant country or territory" for the purposes of the Insolvency Act 1986 s.426 and the liquidators in that country had requested English liquidators to remit to them the assets collected in England so that they could, pursuant to the insolvency law of that country, implement a universal scheme of pari passu distribution to ordinary unsecured creditors, the request was one to which, in principle, the English liquidators ought to accede. Reliance simply on the fact that under the foreign insolvency scheme there would be a significant class or classes of preferential creditors whose debts would not have priority under the English insolvency scheme was not sufficient to justify a refusal.
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