Lloyd's Law Reports Plus

Professor Robert Merkin KC; Dr Johanna Hjalmarsson

Document

BRITANNIA BULK PLC (IN LIQUIDATION) v PIONEER NAVIGATION LTD AND ANOTHER BRITANNIA BULK PLC (IN LIQUIDATION) v BULK TRADING SA

[2011] Lloyd's Rep Plus 49

QUEEN’S BENCH DIVISION (COMMERCIAL COURT)

Before Mr Justice Flaux

Contract - Forward freight agreements - Agreements terminating automatically on bankruptcy of defaulting party - Non-defaulting party thereby relieved from liabilities which it would have incurred had agreements continued - Whether non-defaulting party made a "gain" as a result of early termination - Whether non-defaulting party liable to make payment to defaulting party - ISDA 1992 Master Agreement, section 6(e).

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