High Court refuses to allow constitution of limitation fund by letter of undertaking
Ince recently represented cargo interests in English High Court proceedings in which ship owners sought to constitute a tonnage limitation fund under the 1976 Convention and 1996 Protocol to limit their potential liability towards various interests following the sinking of the vessel together with the claimants’ cargoes. One issue the court had to consider was whether the owners are entitled to set up a limitation fund by way of a guarantee in the form of a letter of undertaking (LOU) issued by a reputable P&I Club, instead of the usual payment into court.
If you are registered and logged in to the site, click on the link below to read the rest of the Ince & Co briefing. If not, please register or sign in with your details below.
News from Ince & Co
News from The Lawyer
Briefings from Ince & Co
The Court of Appeal has ruled in underwriters’ favour regarding the use of a fraudulent device by an assured in connection with the presentation of an insurance claim.
The English courts can have a critical role to play in support of foreign proceedings. The ability to obtain interim relief is an important strategic tool, which can be decisive.