- Service on Nominated Service Agents (Piraeus Bank v Grand Anemi Limited and others)
- What are the practical implications of this case?
- What was the background?
- What did the court decide?
- Case details
Dispute Resolution analysis: This was an application by Greek lender Piraeus Bank for various forms of declaratory relief regarding service of English proceedings on three foreign defendants. The claim in breach of contract relates to $86m owed under a 2009 loan agreement. The borrower and corporate guarantor were companies incorporated in Malta and the Marshall Islands who have since ceased to function. Jacobs J ruled that service of the Claim Form on these defendants via a contractually nominated service agent in London, who subsequently purported to resign from the appointment, had been valid service as the appointment was irrevocable. Any further documents could also be served on the nominated service agent. The court also granted permission to serve the personal guarantor, a Greek national, outside of the jurisdiction via a contractually nominated attorney-at-law in Greece. The court endorsed previous authorities regarding the commercial purpose of such contractual clauses, which parties may increasingly rely upon to effect service of English proceedings after Brexit. Written by Emma Shafton, an Associate (Employed Barrister) and Charles Hewetson, Partner at Reed Smith LLP who act for the claimant in this matter.
Sign in or take a trial to read the full analysis.
To continue reading this news article, as well as thousands of others like it, sign in to LexisPSL or register for a free trial