Maud v The Libyan Investment Authority

Maud v The Libyan Investment Authority

Payment by Mr Maud under the guarantee to the LIA is prohibited by article 5(4) of EU Regulation 204/2011 and regulation 3(1A) of the Domestic Regulations; the statutory demand constitutes a claim affected by sanctions and must be set aside. The applicant is not precluded from relying on illegality due to failure to...

Source-derived case information.

Parties
Applicant: Glenn Maud; Respondent: The Libyan Investment Authority
Jurisdiction
England and Wales
Judgment Date
08 June 2015
Procedural Posture
Bankruptcy Application / Ruling on Application to Set Aside Statutory Demand
Outcome
Application granted; statutory demand set aside.
Legal Topics
Statutory Demand, EU Sanctions Regime, Asset Freezing, Guarantee Enforcement, Licensing Under Sanctions
Insolvency Sanctions International Law Statutory Demand EU Sanctions Regime Asset Freezing Guarantee Enforcement Licensing Under Sanctions

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Parties

Glenn Maud

Applicant

The Libyan Investment Authority

Respondent

Procedural Posture

Bankruptcy Application / Ruling on Application to Set Aside Statutory Demand

Legal Issues

  1. 1 Whether payment under guarantee to LIA is prohibited by EU and UK sanctions regime
  2. 2 Whether statutory demand should be set aside due to sanctions
  3. 3 Whether applicant's failure to apply for licence precludes reliance on illegality

Ratio Decidendi

Payment by Mr Maud under the guarantee to the LIA is prohibited by article 5(4) of EU Regulation 204/2011 and regulation 3(1A) of the Domestic Regulations; the statutory demand constitutes a claim affected by sanctions and must be set aside. The applicant is not precluded from relying on illegality due to failure to apply for a licence, as the burden to seek a licence does not lie with him in these circumstances.

Court Disposition

Application granted; statutory demand set aside.

Orders

  • Statutory demand served by LIA on Mr Maud is set aside.