The Law Debenture Trust Corporation p.l.c. v Ukraine - Update January 2018
29 January 2018
Claim No. FL-2016-000002: The Law Debenture Trust Corporation p.l.c. v Ukraine - Update
This is an update following the appeal hearing in Claim No. FL-2016-000002: The Law Debenture Trust Corporation p.l.c. v Ukraine.
The appeal relates to Ukraine’s default on its U.S. $3,000,000,000 5 per cent. Notes due 2015. The Law Debenture Trust Corporation p.l.c. acted as Trustee on this Eurobond. It applied for and obtained summary judgment for the benefit of Noteholders (currently the Russian Federation) from the English High Court on 29 March 2017. A link to the judgment and a summary are included in our previous update of 26 September 2017. The Judge granted permission to both sides to appeal any issue on which they were unsuccessful.
The appeal hearing took place at the Court of Appeal in London on 22 to 26 January 2018. The Court of Appeal will give its judgment at a future date. The parties do not know when that will be. Until the Court of Appeal gives its judgment, the English High Court’s judgment remains subject to a temporary stay of execution.