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Laep Investments Ltd -v- Emerging Markets Special Situations 3 Ltd. [2015] CA (Bda) 10 Civ (9 April 2015)

February 2015 Arbitration

BERMUDA

COURT OF APPEAL

RSC ORDER 45 - BERMUDA INTERNATIONAL CONCILIATION AND ARBITRATION ACT, 1993 (THE “1993 ACT”) - APPEAL AGAINST REFUSAL OF STAY OF ENFORCEMENT

On 18 March 2013 the Respondent, Emerging Markets Special Situations 3 Ltd. (“EMSS”) obtained an arbitration award in Brazil against the Appellant company (Laep Investments Ltd (the “Company”)). EMSS then quickly proceeded to obtain an Enforcement Order and a Worldwide Freezing Order in quick succession in Bermuda.

The Company unsuccessfully sought an annulment of the arbitration award in Brazil, and EMSS went on to serve a Statutory Demand in Bermuda. The application for an annulment was successfully appealed and remitted back for a rehearing. EMSS then issued a petition to wind up, the Company having failed to satisfy the Statutory Demand, in response to which the Company served a summons seeking the dismissal of the petition.

 

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EDITOR & HEAD OF LITIGATION BERMUDA

Christian R. Luthi
Tel: +1 441 298 7814
Email: christian.luthi@conyersdill.com


Head of Litigation British virgin islands

Mark J. Forte
Tel: +1 284 852 1113
Email: mark.forte@conyersdill.com


Head of Litigation Cayman Islands

Paul Smith
Tel: +1 345 814 7777
Email: paul.smith@conyersdill.com


HEAD OF THE ASIA DISPUTES & RESTRUCTURING GROUP

Nigel K. Meeson, QC
Tel: +852 2842 9553
Email: nigel.meeson@conyersdill.com

Offshore Cases

Laep Investments Ltd -v- Emerging Markets Special Situations 3 Ltd. [2015] CA (Bda) 10 Civ (9 April 2015)

20 February 2015

BERMUDA

COURT OF APPEAL

RSC ORDER 45 - BERMUDA INTERNATIONAL CONCILIATION AND ARBITRATION ACT, 1993 (THE “1993 ACT”) - APPEAL AGAINST REFUSAL OF STAY OF ENFORCEMENT

On 18 March 2013 the Respondent, Emerging Markets Special Situations 3 Ltd. (“EMSS”) obtained an arbitration award in Brazil against the Appellant company (Laep Investments Ltd (the “Company”)). EMSS then quickly proceeded to obtain an Enforcement Order and a Worldwide Freezing Order in quick succession in Bermuda.

The Company unsuccessfully sought an annulment of the arbitration award in Brazil, and EMSS went on to serve a Statutory Demand in Bermuda. The application for an annulment was successfully appealed and remitted back for a rehearing. EMSS then issued a petition to wind up, the Company having failed to satisfy the Statutory Demand, in response to which the Company served a summons seeking the dismissal of the petition.

 

 

EDITOR & HEAD OF LITIGATION BERMUDA

Christian R. Luthi
Tel.: +1 441 298 7814
Email.: christian.luthi@conyersdill.com


Head of Litigation British virgin islands

Mark J. Forte
Tel.: +1 284 852 1113
Email.: mark.forte@conyersdill.com


Head of Litigation Cayman Islands

Paul Smith
Tel.: +1 345 814 7777
Email.: paul.smith@conyersdill.com


HEAD OF THE ASIA DISPUTES & RESTRUCTURING GROUP

Nigel K. Meeson, Q.C.
Tel.: +852 2842 9553
Email.: nigel.meeson@conyersdill.com