The WLR Daily case summaries
[2017] WLR (D) 226
Queen’s Bench Division
The Law Debenture Trust Corpn plc v Ukraine
[2017] EWHC 655 (Comm)
2017 Jan 17–19; March 29
Blair J
International law— Exercise of sovereign authority— Capacity of state to borrow under private law contract— Two foreign sovereign states entering into English private law financial transaction by which first state lent money to second state— Second state defaulting on repayment— Second state relying on lack of capacity to borrow above certain national law restrictions to resist application for summary judgment— Whether sovereign state’s capacity to borrow limited by national law restrictions
International law— Exercise of sovereign authority— Non-justiciability— Two foreign sovereign states entering into English private law financial transaction— Acts of aggression by first state allegedly causing second to default— Second state relying on acts of aggression to resist application for summary judgment— Whether sovereign state’s capacity to borrow limited by national law restrictions— Whether trade restrictive measures or acts of aggression by one state against another affecting private law contract justiciable— Test for implication of terms in transferable financial instruments— Whether English court competent to rule on countermeasures in public international law— Whether acts of aggression by state constituting other reason to proceed to full trial despite no real prospect of success on claim