New law: jurisdiction to order security for costs in bankruptcy proceedings

Philip Judd (as junior counsel) has obtained a security for costs order against Gazprom Neft for £675,000. This case establishes the jurisdiction, for the first time, to order security for costs in petition proceedings against a foreign and impecunious petitioner, regardless of it being in respect of the application set aside the statutory demand or the bankruptcy petition itself. The ICC also emphasised the effect of recent sanctions on the likelihood of enforcing English costs orders in Russia.

Philip (instructed by Yuri Botiuk at CANDEY) is acting for a Russian national, resident in the UK. Proceedings were brought by Servis Terminal LLC, a Russian company backed and funded by Gazprom Neft, the state-controlled Russian energy company. The full judgment will be published in due course, and further information can be found here