The ruling means that the Croatian administration has been recognised under English law and, therefore, a stay on any enforcement or other legal action against the company’s assets in England has been put in place. The decision was made despite opposition from a creditor bank which had started arbitration proceedings against the company in London.
Agrokor is the largest private company in Croatia, with revenue of 6.5 billion equal to roughly 10% of Croatia’s GDP.
On 6 April 2017 the Croatian parliament passed a new law designed to help the restructuring of companies so large that they had systematic importance to the wider country. On 10 April, Agrokor and its group were placed into extraordinary administration under the new law.
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Read the full article at: https://www.out-law.com/en/articles/2017/december/english-court-recognises-croatian-insolvency-proceeding-outlines-factors-to-consider/