Summary

"On 9 May 2017 I granted the Claimant, Oceanic Trans Shipping Est, a Freezing Order against the Defendants, Maroil Trading Inc. and Sea Pioneer Shipping Corporation. The return date was 19 May 2017 and on that date Mr. David Foxton QC, on behalf of the Defendants, submitted that the Freezing Order should not be continued, for three reasons. First, the Claimant had no legitimate claim against the Defendants because its claim breached the principle that prevents a shareholder in a company from recovering loss which is reflective of loss sustained by the company. As a result it was submitted that the Freezing Order was made on a basis which was fundamentally misconceived. Second, there was no reasonably arguable case in relation to a very substantial part of its claim. Third, there was no real risk of dissipation of assets. The first objection raises, it appears, an important question of law. The second and third objections require an assessment of the evidence relied upon by the Claimant."