MACEDONIA MARITIME CO., ALCIONIS MARITIME CO. KOZANI MARITIME CO. AND VASSILIKI MARITIME CO. v. AUSTIN & PICKERSGILL LTD. (THE “FAYROUZ I-IV”)

[1989] 2 Lloyd's Rep. 73

QUEEN’S BENCH DIVISION(COMMERCIAL COURT)

Before Mr. Justice Hirst

Shipbuilding contract - Construction - Plaintiffs alleged defects in vessels and claimed damages - Defendants applied for security for costs - Agreement between parties that plaintiff would drop substantial proportion of claims - Whether irrevocable abandonment of such claims - Whether plaintiffs could reinstate them.