Foreign insolvency — whether termination of contract of affreightment prevented

F, a party to a contract of affreightment that was expressly subject to English law, had an express right to terminate the contract on the insolvency of the other party, P (a Korean company). P entered into an insolvency process in Korea, and that process was recognised by an order of the English court as a ‘foreign main proceeding under the Cross-Border Insolvency Regulations 2006’.

F terminated the contract of affreightment under its express contractual right. The administrator of P applied to the English court for an order that F should not exercise its right to terminate…

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1 Finsbury Circus
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