![Claim No: CL-2023-000687 - [2025] EWHC 1157 (Comm)](https://backend.juristeca.com/files/emisores/logo_WAai98v.png){kind=logo}
A The background
A The background
The MOA
On 14 July 2022, the First Claimant (“Virgo”), a company registered in Dubai, entered into a Memorandum of Agreement (“MOA”) with a Marshall Islands company called Kibaz Shipping LP (“Kibaz”) to purchase an oil tanker, the MT KIBAZ (“the Vessel”). That contract was on “SALEFORM 2012” terms.
RSUK, a well-known law firm and UK registered partnership, was retained as Kibaz’s legal representative in the sale transaction.
- Heading
- Introduction
- A The background
- The Escrow Agreement
- The RSUK USD Client Account
- Events subsequent to the payment into the Escrow Account
- B The proceedings
- C RSUK’s application for security for costs
- D The legal position
- RSUK and Barclays
- E Is there “reason to believe” the Balance will not be available to RSUK to discharge any costs liability of the Claimants to RSUK?
- RSUK’s position
- Does Barclays’ position in relation to processing instructions for the payment of the Balance impact on the Claimants’ ability to pay any costs order made in RSUK’s favour?
- H aving regard to all the circumstances of the case it is just to make an order for security for costs?
- Conclusions