14 August 2015
Taurus Petroleum Ltd v State Oil Marketing Company of the Ministry of Oil, Republic of Iraq [2015] EWCA Civ 835, [2015] All ER (D) 315 (Jul)
In seeking to enforce an arbitration award, the claimant had obtained a third party debt order and receivership order against the defendant in respect of sums due to it under letters of credit. The orders were subsequently set aside on the defendant’s application. The Court of Appeal, Civil Division, dismissed the claimant’s appeal as the court had not had the jurisdiction to make the orders in the first place and because, on the proper construction of the letters of credit, the defendant had not been the creditor.
