Commercial Disputes Weekly – Issue 8617 August 2021

Contract
Construing the terms of an equity commitment letter, the Commercial Court has confirmed that investors remained obliged to provide funding to enable their subsidiary to complete a transaction for the purchase of a hotel in Gran Canaria, notwithstanding arguments that the subsidiary was no longer obliged to complete the transaction as a result of the effects of the Covid-19 pandemic.
Lopesan Touristik SA v Apollo European Principal Finance Fund III (Dollar A) LP & Ors

Service
In a helpful reminder of the importance of effecting service promptly, particularly where it may be necessary to serve out of the jurisdiction, the High Court has upheld a decision to set aside an extension of time for service out, despite the closure of the Foreign Process Section due to the Covid-19 pandemic.
Qatar Investment and Projects Holding Co & Anr v Phoenix Ancient Art SA

Third party debt orders
Where aircraft leasing companies had obtained judgment against an Egyptian airline, the Commercial Court has refused to make a final third party debt order in respect of monies held by the IATA Currency Clearing Service (ICCS), holding that the relevant debt was situated outside the jurisdiction in light of a jurisdiction clause in the ICCS agreement and there was a real risk of IATA having to pay the debt twice over.
Ross Leasing Limited & Ors v Nile Air & Anr

Should you wish to discuss any of these cases in further detail, please speak with a member of our London dispute resolution team below, or your regular contact at Watson Farley & Williams: