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Luxe Holding Ltd v Midland Resources Holding Ltd

23rd Jul 2010

Jonathan Gaisman QC and Charles Holroyd recently acted in the case of Luxe v Midland, a case which concerned a disappointed buyer’s right to seek proprietary remedies in an international context against the proceeds of sale of a Ukrainian steel group (Zaporizhstal), where it alleged that the seller (Midland) had wrongfully sold to a subsequent buyer (Russian investment bank Troika Dialog) at a higher price. There were two applications before the court; an application by Midland to discharge a freezing injunction granted without notice by Mann J on 26 May 2010 and continued by Norris J on 2 June 2010, and the second an application by Luxe for a fresh freezing injunction. Mr. Justice Roth’s judgment of 23rd July can be viewed here.

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