Summary

[1] The applicant ("the Company") applies to set aside a statutory demand served by the respondents ("A2" and "A1" respectively) on 2nd March 2022 in respect of the costs and disbursements incurred in respect of a LCIA arbitration. The amounts claimed were legal fees and disbursements of US$6,185,886.85, arbitration costs of £618,249.91 sterling, and post-award interest at 2 per cent over the LIBOR US Dollar 3-month rate as at 13th November 2021.

[2] The facts are not substantially in dispute. I can take them from the statutory demand itself, which said:

"1. The Debt arises from arbitration awards handed down by the LCIA in Case No. 153051 viz (i) the Partial Award on Liability dated 12 March 2019 (the 'Partial Award'), and (ii) the Final Award on Quantum (Save as to Undertakings) dated 13 October 2021 (the 'Final Award') (together 'the Awards').

2. The arbitration proceedings were commenced after a dispute on payment of tax liabilities pursuant to a Stock Purchase Agreement dated 11 February 2014 (the 'SPA') executed by [A2] as the Seller, [A1] as the Seller's Guarantor, the Company as the Buyer, and its parent company registered in Bermuda... as the Buyer's Guarantor, for the purchase of all the issued and outstanding share capital in a Bahamian company, BECB Limited ('BECB') in the amount of US$970,801,858.

3. During a course of meetings between the parties held between 27 January 2014 and 10 February 2014, the Creditors agreed to be responsible for the tax liability of the ordinary business operations of BECB unrelated to the SPA up to closing whereas the Company and BECB agreed to responsible for transfer taxes and VAT.

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