Court of Appeal upholds stay but orders security in ICSID award enforcement proceedings (Micula v Romania)

Table of contents

• Why is the judgment of interest to practitioners?
• What was the background?
• What issues were before the court?
• What was the Court of Appeal’s decision in relation to the stay appeal?
• Issue 1
• Issues 2 and 3
• What was the Court of Appeal’s decision in relation to the security appeal?
• Issue 4
• Issues 5 to 7
• Case details

Article summary

Arbitration analysis: Following our initial coverage, Matthieu Gregoire, barrister at 4 New Square, considers the latest judgment in the Micula v Romania English Court proceedings in which the Court of Appeal upheld Mr Justice Blair’s decision to stay the enforcement of an International Centre for Settlement of Investment Disputes (ICSID) award issued in the claimants/appellants’ favour in 2013, but reversed Mr Justice Blair’s decision on whether Romania should provide security. Accordingly, Romania has been ordered to pay £150 million in security.