Following the decision of Rose J on 8 June 2015 setting aside a
statutory demand served on Mr Maud (see our previous article dated
16 June 2015), the Libyan Investment Authority ("LIA")
appealed to the Court of Appeal. The Court of Appeal handed down
judgment on 27 July 2016 reversing the decision of Rose J that the
LIA could not claim on the personal guarantee given by Mr Maud (the
"Guarantee") before the imposition of sanctions against
Libya. The decision of the Court of Appeal is of interest to those
involved in sanctions, including in particular the Iranian
sanctions regime, as set out below.
The background
A short recap of the facts is as follows. In April 2008 Mr Maud
guaranteed a loan made by the LIA to Propinvest Group Limited
("Propinvest"). Propinvest defaulted and Mr Maud became
liable under the Guarantee to the LIA. The LIA served a statutory
demand on Mr Maud who applied to have the statutory demand set
aside on the grounds that payment of the debt
