Latin American Investments Ltd v Maroil Trading Inc & Anor

Latin American Investments Ltd v Maroil Trading Inc & Anor

There is a good arguable case that the claimant's pleaded case and remedies sought, including specific performance and damages payable to the Joint Venture Companies, are not caught by the reflective loss principle, and that a freezing order is available in support of such claims.

Parties
Claimant: Oceanic Trans Shipping Est; Defendant: Maroil Trading Inc; Defendant: Sea Pioneer Shipping Corporation; Shareholder/additional Party: Latin American Investments Limited
Jurisdiction
England and Wales
Judgment Date
26 May 2017
Procedural Posture
Commercial Court / Ruling on Continuation of Freezing Order
Outcome
Freezing Order continued until trial; no order on security for costs application at this stage.
Legal Topics
Reflective Loss Principle, Freezing Order, Specific Performance, Shareholder Agreements, Fiduciary Duty
Company Law Contract Law Equity Reflective Loss Principle Freezing Order Specific Performance Shareholder Agreements Fiduciary Duty

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Parties

Oceanic Trans Shipping Est

Claimant

Maroil Trading Inc

Defendant

Sea Pioneer Shipping Corporation

Defendant

Latin American Investments Limited

Shareholder/additional Party

Procedural Posture

Commercial Court / Ruling on Continuation of Freezing Order

Legal Issues

  1. 1 Whether the reflective loss principle bars the claimant's claim for relief
  2. 2 Whether specific performance or damages payable to the company are caught by the reflective loss principle
  3. 3 Whether a freezing order is available in support of the claim

Ratio Decidendi

There is a good arguable case that the claimant's pleaded case and remedies sought, including specific performance and damages payable to the Joint Venture Companies, are not caught by the reflective loss principle, and that a freezing order is available in support of such claims.

Court Disposition

Freezing Order continued until trial; no order on security for costs application at this stage.

Orders

  • Freezing Order to remain in force until trial.
  • No order on Defendants' application for security for costs; Defendants may pursue it later.