PIONEER FREIGHT FUTURES CO LTD (IN LIQUIDATION) V TMT ASIA LTD

[2011] Lloyd's Rep Plus 80

QUEEN’S BENCH DIVISION (COMMERCIAL COURT)

Before Mrs Justice Gloster DBE

Contract - Forward freight agreements - Claimant suffering bankruptcy Event of Default - Defendant's payment obligations suspended during subsistence of default - Whether suspended payment obligations to be taken into account for netting purposes for relevant Contract Months - ISDA 1992 Master Agreement, sections 2(a)(i), 2(a)(iii) and 2(c).