A trio of barristers from 20 Essex Street is seeking to overturn a 2006 Court of Appeal ruling in the battle over a $55m (£27.83m) share of revenue in the oilfields of Yemen.
The appeal judgment, led by Lord Justice Lawrence Collins, held that the court had the power to appoint a receiver by way of “equitable execution?over?future receipts from a defined asset”.
Collins LJ continued: “There is no firm foundation in authority for a rule that the remedy is not available in relation to future debts.”
This ruling was sparked from the ongoing dispute between?Palestinian billionaire businessman Munib Masri and two Lebanese companies – Consolidated Contractors International Company and Consolidated Contractors Oil and Gas (CCC).
Masri?claimed?CCC was in breach of a 1992 agreement by having failed to pay the billionaire 10 per cent of its share of the revenue of the Masila oil concession in the Yemen.
In July 2006 Mrs Justice Gloster held that CCC was liable and made post-judgment orders including receivership, which was subsequently appealed to, and dismissed by, the Court of Appeal.
The 20 Essex Street trio – Alexander Layton QC, Thomas Raphael and Ben Olbourne – was instructed by Olswang partner Jeremy Mash for CCC.
Masri’s lead counsel, Simon Salzedo of Brick Court?Chambers,?was instructed by Simmons & Simmons partner Simon Morgan.