Work Area: Insolvency

Arbitration clauses held inoperative under Canadian insolvency law

Canada’s insolvency legislation empowers courts to declare arbitration clauses inoperative if enforcing them would compromise a receivership and hurt creditors, the country's Supreme Court has ruled.

29 November 2022

Stockholm panel decides Uzbek gas dispute

A Stockholm Chamber of Commerce arbitration relating to a gas project in Uzbekistan that saw claims and counterclaims totalling around US$350 million has ended with an award worth less than US$2 million in favour of a subsidiary of Russia’s Lukoil.

28 November 2022

Indian court annuls billion-dollar award for “fraud”

The Delhi High Court has set aside a US$1.3 billion ICC award against an Indian state-owned entity after finding it suffered from “patent illegalities and fraud” – as a related treaty claim continues.

30 August 2022

Chinese-Saudi telecoms dispute kicks off at ICSID

Saudia Arabia is facing an ICSID claim by a Hong Kong investor in a now-liquidated telecoms consortium that had its operating licence cancelled by the state.

27 July 2022

Crypto fund collapse produces billion-dollar claim

A Singapore-based currency trader has filed a US$2.4 billion ICDR claim seeking to recover loans issued to a crypto hedge fund that it says suffered an “unprecedented implosion” following market volatility.

21 July 2022

Venezuelan state entity dodges ICSID enforcement in Singapore

Singapore’s High Court has refused to allow one of Venezuela’s ICSID creditors to enforce a US$500 million-plus award against the assets of a state-owned entity facing US sanctions.

20 July 2022

Electricity consortium threatens Nigerian state agency

A consortium of investors in an electricity distributor in Nigeria has reportedly threatened to take the country’s privatisation agency to arbitration in the UK, accusing it of facilitating a forced takeover of the utility by a local lender.

19 July 2022

Park developer brings billion-dollar claim against Vietnam

An industrial park developer and its chairwoman founder have launched a billion-dollar treaty claim against Vietnam over an alleged campaign to force the company into bankruptcy, as a prior arbitration brought by her moves to the merits phase.

04 July 2022

LCIA award cancels debts to Russia’s Sberbank in refinery dispute

A Swiss oil trader says it has won an LCIA award that cancels debts of over US$1 billion to Russia’s Sberbank after the majority state-owned financial institution was found to have driven a Siberian refinery into bankruptcy.

27 June 2022

Jailed insurance executive loses challenge to Dutch award

A US businessman convicted of bribery has failed to overturn a Netherlands Arbitration Institute summary award requiring him to pay €150 million to a bankrupt Dutch life insurer owned by him.

21 April 2022

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