In a long-running dispute arising out of a failure to supply gas, the English Commercial Court recently ordered that a prime London commercial property be transferred to the award creditor in part-satisfaction of a USD 2.6 billion arbitration award. In this article, we explore the case of Crescent Gas Corporation Ltd v National Iranian Oil Company & Anor [2024] EWHC 835 (Comm) and look at how the Insolvency Act was used to support enforcement of the award.

Over the decade since the implementation of the costs reforms proposed in Lord Jackson's Review of Civil Litigation Costs, lawyers and litigants have become accustomed to the courts actively managing the costs of disputes with a value up to £10 million. But the court also retains a discretion to apply the costs management regime in cases even above this level.

The Court of Appeal recently considered when precisely a company had given a preference within the meaning of the Insolvency Act 1986 – a question of timing which may impact on whether an insolvency practitioner can later unwind the preferential treatment for the benefit of creditors as a whole.

Here we look at what a preference is, and when it is deemed to be given.

Preferences

In a recent decision in the high value bankruptcy of Pramod Mittal (Mr Mittal), the Chancery division considered the rules on service of insolvency applications. The decision underlines the importance of adhering to service rules and giving as much notice as possible of insolvency applications.

The following briefing provides a round-up of the Cayman legal and regulatory developments during the third quarter of 2022 that may be of interest to funds clients. We are pleased to note that there is nothing critical or requiring immediate action at this time.

Summary of recent legal and regulatory developments

Whilst receiving a judgment in your favour may feel like the culmination of a potentially lengthy legal process, it may be just the first step (though an important one) on the path to financial recovery. In our latest insight, we look at how and when you can enforce a judgment to realise payment of any damages or costs which have been awarded.

What is enforcement?

Over the past two or three years, we have seen an increasing number of cases where a client holds and wishes to sell or transfer shares in a Cayman Islands company which is in liquidation, or is seeking to purchase shares in such a company from another party.  In those circumstances, the transfer of the shares would be void absent the validation of the Grand Court of the Cayman Islands, as a result of section 99 of the Companies Law (2013 Revision) ("Section 99").  Section 99 is in the following terms: