Banco Nacional De Comercio Exterior SNC v Empresa De Telecomunicationes De Cuba SA [2006] EWHC 19 (Comm) (24 January 2007)

Banco Nacional De Comercio Exterior SNC v Empresa De Telecomunicationes De Cuba SA [2006] EWHC 19 (Comm) (24 January 2007)

The English court has jurisdiction under Article 47 of Regulation (EC) No.44/2001 to grant a worldwide freezing order in aid of enforcement of a registered foreign judgment. The applicant established a real risk of dissipation of assets by the respondent, justifying continuation of both domestic and worldwide freezing orders. The standard form undertaking as to third party losses should not be varied or restricted.

Citation
[2006] EWHC 19 (Comm)
Parties
Claimant/applicant: Banco Nacional de Comercio Exterior SNC; Defendant/respondent: Empresa de Telecomunicationes de Cuba SA
Jurisdiction
England and Wales
Judgment Date
24 January 2007
Procedural Posture
Freezing Order Application (post Judgment Enforcement) / Application for Continuation and Amendment of Freezing Orders
Outcome
Worldwide freezing order continued; application to vary standard undertaking refused.
Legal Topics
Freezing Orders, Enforcement of Foreign Judgments, Provisional and Protective Measures, Risk of Dissipation, Assignment of Debts
Civil Procedure Commercial Law Enforcement of Judgments Freezing Orders Enforcement of Foreign Judgments Provisional and Protective Measures Risk of Dissipation Assignment of Debts

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Parties

Banco Nacional de Comercio Exterior SNC

Claimant/applicant

Empresa de Telecomunicationes de Cuba SA

Defendant/respondent

Procedural Posture

Freezing Order Application (post Judgment Enforcement) / Application for Continuation and Amendment of Freezing Orders

Legal Issues

  1. 1 Whether the English court has jurisdiction to grant a worldwide freezing order in aid of enforcement of a registered Italian judgment under Regulation (EC) No.44/2001
  2. 2 Whether there is a real risk of dissipation of assets by the respondent justifying continuation of the freezing orders
  3. 3 Whether the standard form undertaking as to third party losses should be varied or restricted

Ratio Decidendi

The English court has jurisdiction under Article 47 of Regulation (EC) No.44/2001 to grant a worldwide freezing order in aid of enforcement of a registered foreign judgment. The applicant established a real risk of dissipation of assets by the respondent, justifying continuation of both domestic and worldwide freezing orders. The standard form undertaking as to third party losses should not be varied or restricted.

Court Disposition

Worldwide freezing order continued; application to vary standard undertaking refused.

Orders

  • Continuation of worldwide freezing order against Empresa de Telecomunicationes de Cuba SA's assets.
  • Refusal to vary or restrict the standard form undertaking as to third party losses.