PIONEER FREIGHT FUTURES CO LTD (IN LIQUIDATION) V TMT ASIA LTD (NO 2)

[2011] 2 Lloyd's Rep. 565

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).