Debt recovery under LMAA award. Act III: final stage

We are glad to inform that Interlegal team has completed proceedings on debt recovery from the vessel owner who failed to refund to our Client ca. 460 thousand USD, received in the framework of financing fleet repair and modernization. 

At the first stage, in the framework of LMAA arbitration proceedings, the Arbitration Court made an award on recovery of the whole amount claimed by the Client. Interlegal lawyers also obtained additional arbitration award on charging from the Defendant the Client’s arbitration fees, including legal service costs, notary’s fee and other appropriate expenses, jointly with forfeits for late debt recovery. In aggregate, the final claimed amount exceeded 500 thousand USD.

Due to the Defendant’s failure to enforce arbitration award voluntarily, Interlegal Turkish office assisted in the Defendant’s vessel arrest in Turkey, followed by initiating court proceedings upon recognition and enforcement of arbitration award within two jurisdictions.

All the stages of case proceedings resulted in payment of initial debt amount by the Debtor to the full extent, jointly with all the sums borne by the Defendant in accordance with arbitration award.

Interlegal associated partner Alexey Remeslo , senior associate Andrey Perepelitsa, Turkish attorney-at-law Selin Kulturel Darendeli and lawyer Mykola Kozachenko led the case at the different project stages.