Rea in ‘Law360’ on UK Supreme Court Judgement
London Partner Mathew Rea, co-head of Bryan Cave’s global International Arbitration Team, was featured Nov. 8 in Law360 on the UK Supreme Court’s judgment in a case involving Taurus Petroleum Ltd. and the State Oil Marketing Co. of the Republic of Iraq's Ministry of Oil. Rea said he agreed with the two dissenting judgments. He clarified that under the Supreme Court’s ruling, if a debt is owed to one person, but by agreement that debt is being paid to another person, it could be up for grabs by an award creditor. “This is likely to lead to real confusion in the case of enforcement by third-party debt orders where you've got debt that [isn't] completely straightforward,” Rea observed. “What this judgment has allowed is for a judgment creditor to effectively pull the rug from under the seat of the other person and disentitles [him] to his interest in that debt through no fault of his own.” Click here to read the full article; subscription may be required.
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