Unaoil Ltd v Leighton Offshore Offshore PTE Ltd [2014] EWHC 2965 (Comm), [2014] All ER (D) 102 (Sep)
The parties contracted under a memorandum of understanding to work together in oil production in Iraq. A dispute arose and the claimant commenced proceedings. The Commercial Court held that the claimant was entitled to recover debts accrued in a debt claim, but that sums stated to be recoverable in the event of breach in a memorandum of understanding were a penalty and unenforceable.
