header-logo header-logo

Contract

27 January 2017
Issue: 7731 / Categories: Case law , Law digest , In Court
printer mail-detail

Euro-Asian Oil SA (formerly Euro-Asian Oil AG) v Abilo (UK) Ltd and others; Euro-Asian Oil SA (formerly Euro-Asian Oil AG) v Credit Suisse AG [2016] EWHC 3340 (Comm), [2017] All ER (D) 59 (Jan)

The Commercial Court ruled on two claims brought by the claimant company, Euro-Asian, arising out of four transactions entered into with the first defendant company in the first claim, Abilo. Euro-Asian contended that it had paid for ultra-low sulphur diesel (ULSD) under a “fourth sale contract”, but had not received any product. The defendant in the second claim, Credit Suisse, had financed Abilo’s purchases of the ULSD by letters of credit, and Abilo had then on-sold to Euro-Asian. Credit Suisse had also co-signed letters of indemnity with Abilo, which were presented, in lieu of the bills of lading, to Euro-Asian’s banks under the letters of credit which those banks had opened for Euro-Asian to pay for the purchases of the ULSD from Abilo. The court held that both Abilo and Credit Suisse were liable for breach of warranties in the letter of indemnity, and that

If you are not a subscriber, subscribe now to read this content
If you are already a subscriber sign in
...or Register for two weeks' free access to subscriber content

MOVERS & SHAKERS

DWF—19 appointments

DWF—19 appointments

Belfast team bolstered by three senior hires and 16 further appointments

Cadwalader—Andro Atlaga

Cadwalader—Andro Atlaga

Firm strengthens leveraged finance team with London partner hire

Knights—Ella Dodgson & Rebecca Laffan

Knights—Ella Dodgson & Rebecca Laffan

Double hire marks launch of family team in Leeds

NEWS
Small law firms want to embrace technology but feel lost in a maze of jargon, costs and compliance fears, writes Aisling O’Connell of the Solicitors Regulation Authority in this week's NLJ
The Supreme Court issued a landmark judgment in July that overturned the convictions of Tom Hayes and Carlo Palombo, once poster boys of the Libor and Euribor scandal. In NLJ this week, Neil Swift of Peters & Peters considers what the ruling means for financial law enforcement
Charlie Mercer and Astrid Gillam of Stewarts crunch the numbers on civil fraud claims in the English courts, in this week's NLJ. New data shows civil fraud claims rising steadily since 2014, with the King’s Bench Division overtaking the Commercial Court as the forum of choice for lower-value disputes
Bea Rossetto of the National Pro Bono Centre makes the case for ‘General Practice Pro Bono’—using core legal skills to deliver life-changing support, without the need for niche expertise—in this week's NLJ
Charles Pigott of Mills & Reeve reports on Haynes v Thomson, the first judicial application of the Supreme Court’s For Women Scotland ruling in a discrimination claim, in this week's NLJ
back-to-top-scroll