Petrochemical Logistics Ltd & Anor v PSB Alpha AG & Anor [2020] EWHC 975 (Comm) (27 April 2020)

Petrochemical Logistics Ltd & Anor v PSB Alpha AG & Anor [2020] EWHC 975 (Comm) (27 April 2020)

The application to continue the freezing injunction was refused because the claimants failed to show a good arguable case of risk of dissipation in relation to the shares and assets of Alpha Terminals, and although there was a risk regarding the bearer shares of PSB Alpha, there was insufficient connection with England and Wales to justify the injunction. The assets were not within the jurisdiction, the relevant arbitration was seated abroad, and the respondent was not resident or domiciled in England.

Citation
[2020] EWHC 975 (Comm)
Parties
Claimant: Petrochemical Logistics Limited; Claimant: Mr Axel Krueger; Defendant: PSB Alpha AG; Defendant: Mr Konstantinos Ghertsos
Jurisdiction
England and Wales
Judgment Date
27 April 2020
Procedural Posture
Application to Continue Freezing Injunction / Post Ex Parte Interim Injunction, Return Date Hearing
Outcome
Application to continue the freezing injunction refused
Legal Topics
Freezing Injunctions, Section 44 Arbitration Act 1996, Jurisdiction, Service Out of Jurisdiction, Risk of Dissipation, Interim Relief, Comity
Commercial Law Arbitration Civil Procedure Freezing Injunctions Section 44 Arbitration Act 1996 Jurisdiction Service Out of Jurisdiction Risk of Dissipation +2 more

Case Brief

Summary, issues, holding and outcome

More case intelligence is available

Unlock the full research layer for this judgment.

Full judgment text Downloadable case file Legal principles 4 Authorities cited 12 Party arguments 2 Amounts and remedies 2
Sign in to unlock

Parties

Petrochemical Logistics Limited

Claimant

Mr Axel Krueger

Claimant

PSB Alpha AG

Defendant

Mr Konstantinos Ghertsos

Defendant

Procedural Posture

Application to Continue Freezing Injunction / Post Ex Parte Interim Injunction, Return Date Hearing

Legal Issues

  1. 1 Whether the freezing injunction should be continued against the defendants in respect of shares in Alpha Terminals BV and bearer shares of PSB Alpha AG
  2. 2 Whether there is a real risk of dissipation of assets justifying continuation of the injunction
  3. 3 Whether there is sufficient connection with England and Wales to justify the injunction

Ratio Decidendi

The application to continue the freezing injunction was refused because the claimants failed to show a good arguable case of risk of dissipation in relation to the shares and assets of Alpha Terminals, and although there was a risk regarding the bearer shares of PSB Alpha, there was insufficient connection with England and Wales to justify the injunction. The assets were not within the jurisdiction, the relevant arbitration was seated abroad, and the respondent was not resident or domiciled in England.

Court Disposition

Application to continue the freezing injunction refused

Orders

  • The application to continue the freezing injunction is refused in respect of both the shares in PSB Alpha AG and the shares and assets in Alpha Terminals BV.
  • No order made on the issue of alternative service.