Anti-Suit Injunctions, OW Bunker And ISDA Master Agreements

SwissMarine Corporation Limited v O.W. Supply & Trading A/S (in bankruptcy) [2015] EWHC 1571 (Comm)

The Commercial Court has recently refused to grant an anti-suit injunction to SwissMarine Corporation Limited (SwissMarine) to restrain proceedings brought by O.W. Supply & Trading A/S (OW) against SwissMarine in Denmark.

Background On 7 November 2014, OW – a global supplier and reseller of marine fuel – filed for bankruptcy in Denmark. On 3 February 2015, a Recognition Order was made in respect of the Danish insolvency proceedings by the English Court, under the Cross-Border Insolvency Regulations 2006. OW was in the money at the time of its bankruptcy and its trustees have sought to rely on Danish insolvency law, specifically section 58(h) of the Danish Securities Trading, etc Act which, it claimed, permits OW to close-out and value trades as at the date of OW's insolvency. OW has commenced numerous actions against OW's counterparties in Denmark for that purpose,