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In the recent decision of Meritz Fire & Marine Insurance Co Ltd v Jan De Nul Nv & Anor [2011] EWCA Civ 827, the Court of Appeal dismissed the appeal by Meritz of the earlier High Court’s decision, previously reported here, that Meritz was liable under advance payment guarantees (APGs) it had issued in respect of three shipbuilding contracts (Contracts) to the respondent Buyers, despite the fact that the Contracts had been novated to a new company. …
Read More UK: Court of Appeal Considers the Effect of a Novation of a Contract on Advance Payment Guarantees

The litigation in England concerning the validity of the “flip” provisions in the Lehman credit default swap transactions, under which the priority changed from swap counterparty (ie Lehman) priority to noteholder priority on the insolvency of the Lehman entities (litigation which began under the title Perpetual Trustee Company Limited v BNY Corporate Trustee Services Limited), has finally come to an end with a Supreme Court decision under the title Belmont Park Investment PTY Limited v BNY Corporate Trustees Services Limited and Lehman Brothers Special Financing Inc (2011 UKSC 38). …
Read More UK: Supreme Court Decision on the Lehman Credit Default Swap “Flip” Provisions

In Sovarex SA v Romero Alvarez SA [2010] Folio 1231, Mr Justice Hamblen held that the court had the power to direct that there be a determination of disputed facts under the procedure set out in s66 of the Arbitration Act 1996 (the Act) for the enforcement of arbitral awards. …
Read More UK: High Court Rules on Applicability of Procedure Under s66 of Arbitration Act 1996 to Disputed Issues of Fact

In Garnat Trading & Shipping (Singapore) PTE LTD (GARNAT) and Vung Tau Shipbuilding Industry Joint Stock Company (Vung Tau) v Baominh Insurance Corporation (Baominh) [2010] EWHC 2578 (Comm), the Court of Appeal considered the first instance judgment of Mr Justice Clarke which we previously reported here. …
Read More UK: Marine Insurance – Non-Disclosure and Seaworthiness

In the recent judgment of Maritsave Ltd v National Farmers’ Union Mutual Insurance Society Ltd (2011) EWHC 1660 (QB), the High Court found in favour of Maritsave in respect of a claim for fire damage losses under a property insurance policy and rejected the Defendant insurer’s contention that Maritsave had not complied with certain unoccupied property warranties. …
Read More UK: High Court Rules on Whether Unoccupied Property Warranties Breached

In the recent judgment, AES Ust-Kamenogorsk Hydropower Plant LLP v Ust-Kamenogorsk Hydropower Plant JSC [2011] EWCA Civ 647, the Court of Appeal held that an anti-suit injunction can be granted to restrain foreign proceedings brought in breach of an English arbitration agreement, even in the absence of an actual, proposed or intended arbitration. …
Read More UK: Arbitration Proceedings Not a Prerequisite for Anti-Suit Injunctions