Michael Ward reflects on recovery under cross-undertakings in freezing injunction cases ‘If Transfield Shipping applies to cross-undertakings in damages (CUD) inquiries, it would raise the possibility in some cases of a claimed loss being foreseeable under the orthodox approach but still ultimately irrecoverable on remoteness grounds.’Cross-undertakings in damages (CUDs) are given by an applicant for …
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Wills & Trusts Law Reports | July/August 2015 #151In the early 1990s, Mr Pugachev founded the JSC Mezhdunarodniy Promyshlenniy Bank (the bank) in Russia. It became one of Russia’s largest privately owned commercial banking groups. On 4 October 2010, the Russian Central Bank revoked its banking licence and appointed a ‘temporary administration’ and on 30 November 2010 it was declared insolvent by the Russian court and placed into temporary administration. The state corporation ‘Deposit Insurance Agency’ (the DIA) was appointed as liquidator. Mr Pugachev left Russia for London in 2011. The Russian liquidation of the bank was recognised by...
