Work Area: Insolvency

Vietnam project developer fails to halt insolvency process using SIAC clause

A Singapore court has placed the developer of a large power plant project in Vietnam in judicial management, refusing to grant a stay on the grounds that a disputed debt should be referred to SIAC arbitration.

25 May 2023

Canada faces fresh coal phase-out claim

A US mining company has filed a fresh NAFTA claim against Canada over the phase out of coal in the province of Alberta, after its affiliate's US$340 million claim was rejected on jurisdictional grounds last year.

12 May 2023

NAFTA panel hears claim over Mexican sugar-mill mortgages

An ICSID-administered tribunal is hearing a NAFTA legacy claim against Mexico brought by a US agribusiness investor and JP Morgan, who allege the state’s courts prevented them from foreclosing on mortgages in relation to a sugar mill business.

10 May 2023

Indian budget airline seeks to enforce emergency awards

An Indian low-cost airline has asked a Delaware court for the expedited confirmation of two emergency SIAC awards ordering a US manufacturer to supply spare engines, saying that without them it has been forced to file for bankruptcy.

03 May 2023

Spain defeats treaty claim over bank rescue

UPDATED: A group of Mexican investors have lost their €700 million treaty claim against Spain over the rescue of a bank six years ago.

15 March 2023

Czech investor wins damages over bank collapse

Brussels-based banking group KBC says its subsidiary has been ordered to pay US$167 million to a Czech investor in a dispute over the collapse of a major bank – 16 years after the arbitration was first filed.

22 February 2023

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

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