Petrosaudi Oil Services (Venezeula) Ltd v Clyde & Co LLP

Petrosaudi Oil Services (Venezeula) Ltd v Clyde & Co LLP

The court ordered payment of the funds into court and periodic payments out, as the US arrest warrant was recalled, the Malaysian order was not domesticated, and the defendant's rights of indemnity and retention were protected.

Parties
Claimant: Petrosaudi Oil Services (Venezuela) Ltd; Respondent: Clyde & Co. LLP
Jurisdiction
England and Wales
Judgment Date
23 March 2021
Procedural Posture
Application / Judgment
Outcome
application granted
Legal Topics
Escrow Arrangements, Payment Into Court, Trustee Discharge, Foreign Court Orders
Trusts International Arbitration Civil Procedure Escrow Arrangements Payment Into Court Trustee Discharge Foreign Court Orders

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Parties

Petrosaudi Oil Services (Venezuela) Ltd

Claimant

Clyde & Co. LLP

Respondent

Procedural Posture

Application / Judgment

Legal Issues

  1. 1 Whether funds held by the defendant as escrow agent and trustee should be paid into court
  2. 2 Effect of foreign court orders on funds held in England
  3. 3 Trustee's rights of indemnity and retention

Ratio Decidendi

The court ordered payment of the funds into court and periodic payments out, as the US arrest warrant was recalled, the Malaysian order was not domesticated, and the defendant's rights of indemnity and retention were protected.

Court Disposition

application granted

Orders

  • Conversion of monies into sterling
  • Payment of proceeds into court