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HOSKING – V – APAX PARTNERS LLP [2017] EWHC 2126 (CH)

PCB acted for the 9th to 42nd respondents in this €1bn claim brought by the liquidators of a Greek Telecommunications company against private equity interests under s423 of the Insolvency Act 1986. The litigation had originally been brought in the US, but was stayed on forum grounds at a relatively late stage in favour of England. The consequence was that at an early stage of the English proceedings, the parties agreed that the disclosure given in the US proceedings should stand as disclosure in the English proceedings. Subsequently, the liquidators sought that the respondents should undertake additional searches for documents. However, in view of the agreement previously reached, the evidence as to the careful steps taken in the US proceedings to ensure appropriate searches were undertaken for documents and the lack of any evidence that there were missing documents likely to be found, the Court declined the liquidators’ application.