Re OJSC International Bank of Azerbaijan

Under the rule in Antony Gibbs, a debt governed by English law cannot be discharged or compromised by a foreign insolvency or restructuring proceeding to which the creditor has not submitted, and a moratorium under the Cross-Border Insolvency Regulations 2006 (UNCITRAL Model Law) cannot be continued indefinitely so as to achieve indirectly the discharge that Gibbs forbids.