Source: All England Reporter
Publisher Citation: [2009] All ER (D) 222 (Apr)
Neutral Citation: [2009] EWHC 894 (Comm)
Court: Queen's Bench Division, Commercial Court
Judge:

Cooke J
Representation Gabriel Moss QC and Clare Reffin (instructed by Herbert Smith) for the claimant.
  Michael Crystal QC and Christopher Harrison (instructed by Squire Sanders & Dempsey) for the defendant.
Judgment Dates: 28 April 2009

Catchwords

Practice - Stay of proceedings - Exercise of discretion - Defendant an Icelandic bank - Claimant entering into global master securities lending agreement with defendant - Defendant lending securities to claimant against transfer of collateral - Claimant giving defendant notice requiring defendant to render to it equivalent collateral to eliminate excess created by change in market value of securities - Defendant failing to provide equivalent collateral - Claimant serving notice of default - Claimant seeking termination of agreement and account - Defendant applying for stay - Whether stay should be granted.

The Case

Practice Stay of proceedings. Queen's Bench Division, Commercial Court: The defendant Icelandic bank's application to stay proceeding for an account, issued by the claimant, was dismissed as there was, in the instant case, no power to stay the proceedings for any period or to deprive the claimant of its right to come to the English courts by virtue of the exclusive jurisdiction clause in the parties' loan agreement and the Lugano Convention on Jurisdiction and the Enforcement of Judgments in Civil and Commercial Matters 1988 (as set out in Sch 3C to the ).

Practice Areas

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