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ARTICLE · 30 JANUARY 2026

English High Court Rules Assignees Cannot Enforce ICSID Awards, Departing From Australian And US Decisions

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The divergent outcomes in Australia and the United States on the one hand, and England on the other, reinforce that award creditors and assignees need to evaluate enforcement strategies in respect of ICSID awards carefully.

AustraliaLitigation, Mediation & Arbitration
David Anthony
David Anthony
Nastasja Suhadolnik
Nastasja Suhadolnik
Oliver Spackman
Oliver Spackman
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In a significant development for award creditors and States, the English High Court recently held in Operafund Eco-Invest & anor v Kingdom of Spain that award assignees cannot seek recognition and enforcement of awards pursuant to the Convention on the Settlement of Investment Disputes (ICSID Convention).

The English court's decision expressly departs from a Federal Court of Australia judgment in August 2025 involving the same parties, as well as the prevailing position in the United States.

Award creditors and participants in the secondary award market will need to consider enforcement strategies and the structure of assignment agreements carefully, while States may have a further ground to resist enforcement, at least in England.

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