Alta Trading UK Ltd (Formerly Arcadia Petroleum Ltd) & Ors v Bosworth & Ors

Alta Trading UK Ltd (Formerly Arcadia Petroleum Ltd) & Ors v Bosworth & Ors

Although Mr Kelbrick established a good arguable case that he suffered losses caused by the grant of the interim injunction, he failed to demonstrate a good arguable case that there is a real or sufficient risk that the claimants will not satisfy any award of damages under the undertaking. The claimants’ current and net asset position in the jurisdiction is sufficient to meet any such award, and absent a real risk of non-satisfaction, further fortification should not be ordered.

Parties
Claimant: Alta Trading UK Limited (formerly Arcadia Petroleum Limited); Claimant: Arcadia Energy (Suisse) SA; Claimant: Arcadia Energy PTE Limited; Claimant: Farahead Holdings Limited; Defendant: Peter Miles Bosworth; Defendant: Colin Hurley; Defendant: Mark Richard Lance; Defendant: Steven Kelbrick; Defendant: Salem Chucri Mounzer; Defendant: Arcadia Petroleum SAL Offshore; Defendant: Arcadia Petroleum Limited Mauritius; Defendant: Attock Oil International Limited Mauritius; Defendant: The Cornhill Group Limited
Jurisdiction
England and Wales
Judgment Date
30 April 2021
Procedural Posture
Commercial Application (interlocutory) / Ruling on Application for Further Fortification of Undertaking in Damages
Outcome
Application dismissed
Legal Topics
Freezing Injunctions, Undertaking in Damages, Fortification of Undertakings, Causation of Loss, Risk of Non Satisfaction
Civil Procedure Commercial Law Freezing Injunctions Undertaking in Damages Fortification of Undertakings Causation of Loss Risk of Non Satisfaction

Case Brief

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Parties

Alta Trading UK Limited (formerly Arcadia Petroleum Limited)

Claimant

Arcadia Energy (Suisse) SA

Claimant

Arcadia Energy PTE Limited

Claimant

Farahead Holdings Limited

Claimant

Peter Miles Bosworth

Defendant

Colin Hurley

Defendant

Mark Richard Lance

Defendant

Steven Kelbrick

Defendant

Salem Chucri Mounzer

Defendant

Arcadia Petroleum SAL Offshore

Defendant

Arcadia Petroleum Limited Mauritius

Defendant

Attock Oil International Limited Mauritius

Defendant

The Cornhill Group Limited

Defendant

Procedural Posture

Commercial Application (interlocutory) / Ruling on Application for Further Fortification of Undertaking in Damages

Legal Issues

  1. 1 Whether the applicant (Mr Kelbrick) has a good arguable case for further fortification of the claimants’ undertaking in damages
  2. 2 Whether losses claimed are caused by the freezing injunction
  3. 3 Whether there is a real risk that the claimants will not satisfy any award of damages under the undertaking

Ratio Decidendi

Although Mr Kelbrick established a good arguable case that he suffered losses caused by the grant of the interim injunction, he failed to demonstrate a good arguable case that there is a real or sufficient risk that the claimants will not satisfy any award of damages under the undertaking. The claimants’ current and net asset position in the jurisdiction is sufficient to meet any such award, and absent a real risk of non-satisfaction, further fortification should not be ordered.

Court Disposition

Application dismissed

Orders

  • Mr Kelbrick’s application for further fortification of the claimants’ undertaking in damages is dismissed.