BRITANNIA BULK PLC (IN LIQUIDATION) v PIONEER NAVIGATION LTD AND ANOTHER BRITANNIA BULK PLC (IN LIQUIDATION) v BULK TRADING SA

[2011] 2 Lloyd's Rep. 84

QUEEN’S BENCH DIVISION (COMMERCIAL COURT)

Before Mr Justice Flaux

Contract — Forward freight agreements — Agreements terminating automatically on bankruptcy of defaulting party — Non-defaulting party thereby relieved from liabilities which it would have incurred had agreements continued — Whether non-defaulting party made a “gain” as a result of early termination — Whether non-defaulting party liable to make payment to defaulting party — ISDA 1992 Master Agreement, section 6(e).