![Claim No: CL-2023-000687 - [2025] EWHC 1157 (Comm)](https://backend.juristeca.com/files/emisores/logo_WAai98v.png){kind=logo}
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Neutral Citation Number: [2025] EWHC 1157 (Comm)
Claim No: CL-2023-000687
IN THE HIGH COURT OF JUSTICE
BUSINESS AND PROPERTY COURTS OF ENGLAND AND WALES
KING’S BENCH DIVISION
COMMERCIAL COURT
Royal Courts of Justice
Strand, London, WC2A 2LL
Date: 14/05/2025
Before :
MR JUSTICE FOXTON
Between :
(1) VIRGO MARINE (2) NIXIE MARINE INC. | Claimants |
- and - | |
REED SMITH LLP - and - BARCLAYS BANK PLC | Defendant Third Party |
Jacob Turner and (instructed by Zaiwalla & Co Limited) for the Claimants
Jawdat Khurshid KC and Anna Gotts (instructed by Clyde & Co LLP) for the Defendant
Hearing date: 1 May 2025
Draft judgment to the parties: 7 May 2025
Approved Judgment
This judgment was handed down remotely at 10.00am on 14 May 2025 by circulation to the parties or their representatives by e-mail and by release to the National Archives.
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Mr Justice Foxton:
- 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