LONRHO EXPORTS LTD. v. EXPORT CREDIT GUARANTEE DEPARTMENT

[1996] 2 Lloyd's Rep. 649

CHANCERY DIVISION

Before Mr. Justice Lightman

Insurance (ECG) - Interest - Recoveries - ECGD guaranteed payment of debts due from foreign debtors to United Kingdom exporters - Non-payment of debts - Payment made by foreign state - Whether such payment constituted a recovery - Whether excess of recoveries due held on trust - Whether U.K. exporter had a proprietary interest in the payment - Whether U.K. exporter entitled to interest on their share of recoveries in respect of the period between receipt and disbursement of them by ECGD.