Global Private Investments RSC Ltd v Global Aerospace Underwriting Managers Ltd & Ors [2021] ADGMCFI 0005 (27 April 2021)

Global Private Investments RSC Ltd v Global Aerospace Underwriting Managers Ltd & Ors [2021] ADGMCFI 0005 (27 April 2021)

Security for costs was ordered because, having regard to all circumstances, there was reason to believe the claimant would be unable to pay the defendants' costs if ordered, and enforcement against the claimant's assets (aircraft and Russian bank accounts) would likely be difficult, slow, or expensive. The claimant's undertakings did not sufficiently mitigate these risks.

Citation
[2021] ADGMCFI 0005
Parties
Claimant: Global Private Investments RSC Limited; First Defendant: Global Aerospace Underwriting Managers Limited; Second Defendant: XL Insurance Company SE, Direktion fur Deutschland; Third Defendant: Swiss Re International SE Niederlassung Deutschland; Fourth Defendant: Starr International (Europe) Ltd; Fifth Defendant: Allianz Global Corporate & Speciality SE
Jurisdiction
United Arab Emirates
Judgment Date
27 April 2021
Procedural Posture
Application for Security for Costs / Interlocutory Judgment
Outcome
Application granted
Legal Topics
Security for Costs, Enforcement of Costs Orders, Corporate Structure and Asset Protection, Aircraft Insurance Claims
Commercial Law Civil Procedure Insurance Law Security for Costs Enforcement of Costs Orders Corporate Structure and Asset Protection Aircraft Insurance Claims

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 3 Authorities cited 14 Party arguments 2 Amounts and remedies 1
Sign in to unlock

Parties

Global Private Investments RSC Limited

Claimant

Global Aerospace Underwriting Managers Limited

First Defendant

XL Insurance Company SE, Direktion fur Deutschland

Second Defendant

Swiss Re International SE Niederlassung Deutschland

Third Defendant

Starr International (Europe) Ltd

Fourth Defendant

Allianz Global Corporate & Speciality SE

Fifth Defendant

Procedural Posture

Application for Security for Costs / Interlocutory Judgment

Legal Issues

  1. 1 Whether security for costs should be ordered against the claimant
  2. 2 Whether conditions under ADGM Practice Direction 7 paragraph 7.30(b) and 7.30(f) are satisfied
  3. 3 Whether it is just to make an order for security for costs in all the circumstances

Ratio Decidendi

Security for costs was ordered because, having regard to all circumstances, there was reason to believe the claimant would be unable to pay the defendants' costs if ordered, and enforcement against the claimant's assets (aircraft and Russian bank accounts) would likely be difficult, slow, or expensive. The claimant's undertakings did not sufficiently mitigate these risks.

Court Disposition

Application granted

Orders

  • Claimant to provide security in the sum of US$650,000 within 28 days by payment into Court or as otherwise agreed in writing between the parties