Commodities in Focus weekly – Issue 123
Chugga Chugg Pty Ltd v Privinvest Holding SAL [2025] EWHC 585 (Comm)
On 14 March 2025 the Commercial Court handed down judgment in this super yacht construction dispute.
Chugga Chugg Pty Ltd, an SPV of Australian billionaire, Brett Blundy, having won an award in arbitration for €9,955,000 against insolvent shipbuilders, Nobiskrug GmbH, for wrongful termination of a shipbuilding contract, in these Commercial Court proceedings succeeded in enforcing their arbitration award further to a parent company guarantee provided by Privinvest Holding SAL. The Commercial Court among other things was asked to determine if the underlying shipbuilding contract was in fact wrongfully terminated by Nobiskrug GmbH and it also considered whether the guarantee provided by Privinvest was a demand or surety guarantee.
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