Court Rules That English Law Does Not Allow Constitution Of A Limitation Fund By P&I Club LOU
In Cosmotrade SA v Kairos Shipping Ltd and others [2013] EWHC 1904 (Comm), the Commercial Court considered the question of whether English law allows a Limitation Fund to be constituted by way of a P&I Club Letter of Undertaking.
The Convention on Limitation of Liability for Maritime Claims 1976 (LLMC 1976) allows owners to limit their liability for all claims arising out of a single maritime incident. In order to do so, the English courts have generally required a Limitation Fund to be constituted by way of a cash payment into court. In The Rena [2012] Folio 225, however, the court allowed a Fund to be constituted by lodging a P&I Club LOU into court.
In the present case, the...
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