In Re BRAC Rent-A-Car International Inc., Mr. Justice Lloyd, sitting in the High Court Chancery Division in London appears to have extended the scope of Article 3 of the Regulation.
The Department of Trade and Industry recently published statistics showing insolvencies in England and Wales in the fourth quarter of 2002. There were 4,323 company insolvencies in that period, an increase of 11.1 percent from the previous quarter and an increase of 14.9 percent compared to the same period a year ago. According to the Department, 1.1 percent of active companies became insolvent in the 12 months ending in the fourth quarter 2002, the same as in the previous quarter and the corresponding quarter in 2001.