In the matter of the bankruptcy of F & O Finance AG

DEPUTY BAILIFF: This is a request from Mr. Urs Burgi, an Attorney in a Swiss firm of lawyers based in Zurich. He was appointed Trustee in Bankruptcy to a firm F & O Finance AG. That company was incorporated in Zurich. Mr. Burgi's appointment has been confirmed by the County Court of Zurich on 26 th October, 1998.

There is an account in Jersey which has been identified as belonging to the company. It was placed with Lazard Brothers & Co (Jersey) Limited, whose activities are now performed under the name Standard Bank Channel Islands Limited.

When Mr. Burgi duly made a request to Lazards, as it then was, that bank replied that it could not comply with the request as Lazards is not subject to the jurisdiction of the Swiss courts and it is this matter which Mr. Taylor has brought before us this morning.

"Foreign insolvency officials need to have authority to act in this jurisdiction and an application to the Royal Court is the usual procedure.

The Royal Court is likely to recognise the appointment of a foreign insolvency office holder administering a bankruptcy which has arisen in a foreign jurisdiction where there is a valid connection between the debtor and the law under which the insolvency occurred. The Royal Court is likely to assist such office holder in such circumstances and will prevent a third party from purporting to act on behalf of the debtor within the jurisdiction in order to preserve the position in relation to the debtor's property in Jersey."