GROUP JOSI RE V WALBROOK INSURANCE CO LTD AND OTHERS

(1996) 5 Re LR 91

Court of Appeal

Before Lord Justice Staughton, Lord Justice Rose, Lord Justice Saville

Letter of credit - Contract - Illegality - Reinsurers unauthorised in Engand applying for injunction against payment to reinsured under letter of credit - Whether reinsurers had cause of action and were entitled to bring action despite assertion of their own illegality - Applicability of sect 132(6) of Financial Services Act 1986.