TAURUS PETROLEUM LTD v STATE OIL MARKETING COMPANY OF THE MINISTRY OF OIL, REPUBLIC OF IRAQ

[2017] Lloyd's Rep. Plus 99

SUPREME COURT

Before Lord Neuberger PSC, Lord Mance JSC, Lord Clarke JSC, Lord Sumption JSC and Lord Hodge JSC

Arbitration – Award – Enforcement – Respondent failing to pay arbitration award – Claimant applying for third party debt order over letters of credit – Whether respondent was beneficiary of debt created by letters of credit – Situs of debt – Whether third party debt order should be made – Whether court entitled to make receivership order.