The Weekly Law Reports
[2017] 3 WLR 1170
Supreme Court
Taurus Petroleum Ltd
v
State Oil Marketing Co of the Ministry of Oil, Republic of Iraq
[2017] UKSC 64
2017 March 21,
22;
Oct 25
Oct 25
Lord Mance DPSC, Lord Sumption, Lord Hodge JJSC, Lord Neuberger of Abbotsbury, Lord Clarke of Stone-cum-Ebony
Arbitration— Award— Enforcement— Contracts for sale of crude oil by defendant to claimant— Disputes referred to arbitrator and award made in favour of claimant— Defendant declining to pay award— Claimant seeking to enforce award by third party debt orders in respect of letters of credit issued by London branch of French bank for payment to be made to New York bank in favour of party other than defendant— Court granting third party debt orders and appointing receiver— Whether situs of debt in England— Whether English court having jurisdiction to make orders— Whether orders to be set aside
Execution— Third party debt proceedings— Jurisdiction to make order— Court making third party debt orders in respect of moneys payable under letters of credit issued in London for payment into New York account— Whether court having jurisdiction