Maritime Investment Holdings Inc v Underwriting Members of Syndicate 1183 At Lloyd's & Ors [2015] EWHC 2190 (Comm) (29 July 2015)

Maritime Investment Holdings Inc v Underwriting Members of Syndicate 1183 At Lloyd's & Ors [2015] EWHC 2190 (Comm) (29 July 2015)

MIH, though struck off the BVI register, retains capacity to pursue proceedings under BVI law for seven years and may continue legal proceedings instituted prior to striking off. No material change of circumstances or mistake justifies varying or setting aside the security for costs order. MIH is given a final opportunity to comply with the security order; claim will be dismissed unless £360,000 is paid into court by 2 October 2015.

Citation
[2015] EWHC 2190 (Comm)
Parties
Claimant: Maritime Investment Holdings Inc; Third Defendants: Underwriting Members of Syndicate 1183 at Lloyd's and Others
Jurisdiction
England and Wales
Judgment Date
29 July 2015
Procedural Posture
Commercial Insurance Dispute / Ruling on Applications Regarding Security for Costs, Variation of Previous Orders, and Strike Out
Outcome
Claim dismissed unless £360,000 paid into court by 4.00pm on 2 October 2015; proceedings stayed until payment or deadline.
Legal Topics
Security for Costs, Company Capacity, Strike Off and Restoration, Disclosure Obligations
Insurance Law Civil Procedure Company Law Security for Costs Company Capacity Strike Off and Restoration Disclosure Obligations

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Parties

Maritime Investment Holdings Inc

Claimant

Underwriting Members of Syndicate 1183 at Lloyd's and Others

Third Defendants

Procedural Posture

Commercial Insurance Dispute / Ruling on Applications Regarding Security for Costs, Variation of Previous Orders, and Strike Out

Legal Issues

  1. 1 Whether MIH, struck off the BVI register, has capacity to pursue proceedings and make applications
  2. 2 Whether Carr J's order for security for costs should be varied or set aside
  3. 3 Whether MIH's claim should be struck out for non-compliance with security order

Ratio Decidendi

MIH, though struck off the BVI register, retains capacity to pursue proceedings under BVI law for seven years and may continue legal proceedings instituted prior to striking off. No material change of circumstances or mistake justifies varying or setting aside the security for costs order. MIH is given a final opportunity to comply with the security order; claim will be dismissed unless £360,000 is paid into court by 2 October 2015.

Court Disposition

Claim dismissed unless £360,000 paid into court by 4.00pm on 2 October 2015; proceedings stayed until payment or deadline.

Orders

  • MIH's applications to vary or set aside security for costs order refused.
  • MIH's application to extend time for payment of £12,000 costs refused.