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.