I accept that Opinion of Professor Majamaa. I now quote from Mr. Caine's legal submissions and I accept them -

"1. 5th June 1996 the First Respondent, Mr. Holmaranta was made bankrupt in Finland by order of the Finnish Court and the bankruptcy judgement became final in the Supreme Court of Finland on 29th January 1997.

Mr. Leisvuori and Mr. Lahti were appointed as trustees of the estate in bankruptcy on 25th September 1996. Under Finnish Bankruptcy Act the powers of the trustees in bankruptcy extend world-wide and apply to Mr. Holmaranta's assets world-wide.

Mr. Caine then referred to rule 167(2) of Dicey and Morris - Conflict of Laws (12th edition). Rule 167 (2) states English Courts recognise that the Courts of any other foreign country have jurisdiction over a debtor if -

(a) He was domiciled in that country at the time of the presentation of the petition or

(b) He submitted to the jurisdiction of its Courts, whether by himself presenting the Petition or by appearing in the proceedings.

Mr.Holmaranta was domiciled in Finland at the time of the bankruptcy order and also submitted to the jurisdiction of Finnish Court.

Mr. Caine then referred to rule 169 Dicey and Morris - Conflict of Laws (12th Edition). Rule 169 - an assignment of a bankrupt's property to the representative of his creditors under the bankruptcy law of any other foreign country whose Courts have jurisdiction over him in accordance with Rule 167(2) is, or operates, as an assignment of the moveables of the bankrupt situate in England.

The commentary relating to 169 in Dicey and Morris states, quote "The general principle of English law is that bankruptcy, or any proceeding in the nature of bankruptcy, in a foreign country whose Courts have jurisdiction over a debtor operates as an assignment to the Trustee, assignees, curators, syndics or others, who under the law of that country are entitled to administer his property, of all his moveables in England, if that is its effect under the foreign law.