Petrochemical Logistics Ltd & Anor v PSB Alpha AG & Anor

Petrochemical Logistics Ltd & Anor v PSB Alpha AG & Anor

The claimants failed to establish a good arguable case of risk of dissipation in the shares or assets of Alpha Terminals, and there was insufficient connection to England to justify continuing the injunction over the shares in PSB Alpha. The evidence did not support the existence of assets on which the injunction could bite, nor did it show that an English injunction was necessary or appropriate given the foreign elements and available remedies in Switzerland.

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
Commercial Court Application (freezing Injunction) / Ruling on Application to Continue Freezing Injunction and Set Aside Alternative Service
Outcome
Application to continue the freezing injunction refused; injunction discharged.
Legal Topics
Freezing Injunctions, Section 44 Arbitration Act 1996, Jurisdiction and Connection to England, Alternative Service, Risk of Dissipation, Comity and Enforcement of Foreign Judgments
Civil Procedure Arbitration Injunctions Freezing Injunctions Section 44 Arbitration Act 1996 Jurisdiction and Connection to England Alternative Service Risk of Dissipation +1 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 5 Authorities cited 9 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

Commercial Court Application (freezing Injunction) / Ruling on Application to Continue Freezing Injunction and Set Aside Alternative Service

Legal Issues

  1. 1 Whether to continue a freezing injunction over shares and assets pending arbitration
  2. 2 Whether there is a real risk of dissipation of assets by the defendants
  3. 3 Whether there is sufficient connection to England to justify the injunction

Ratio Decidendi

The claimants failed to establish a good arguable case of risk of dissipation in the shares or assets of Alpha Terminals, and there was insufficient connection to England to justify continuing the injunction over the shares in PSB Alpha. The evidence did not support the existence of assets on which the injunction could bite, nor did it show that an English injunction was necessary or appropriate given the foreign elements and available remedies in Switzerland.

Court Disposition

Application to continue the freezing injunction refused; injunction discharged.

Orders

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