SWISSMARINE CORPORATION LTD V OW SUPPLY & TRADING A/S

[2015] EWHC 1571 (Comm), Queen's Bench Division, Commercial Court, Mr Justice Andrew Smith, 5 June 2015

Anti-suit injunction - Whether action brought in breach of jurisdiction agreement - ISDA Master Agreement - Factual matrix - Construction of differences between 1992 and 2002 ISDA Master Agreements - Position of Denmark under the Jurisdiction Convention and Regulations - Meaning of "Convention courts" - Whether action vexations and oppressive - Brussels Convention 1968 - Brussels I Regulation

The defendant had filed for bankruptcy in a Danish Court in November 2014. The claimant was seeking to restrain a separate action commenced by the defendant before a different Danish court (the "Lyngby action"). That action concerned a disputed sum under an agreement in the 2002 ISDA Master Agreement form, also containing a governing law and jurisdiction clause. Filing for bankruptcy was an event of default under the agreement. The defendant contended that the jurisdiction clause did not apply to the Lyngby action, which was essentially in relation to the Danish legal regime on securities and insolvency, and alternatively that any English jurisdiction was not agreed to be exclusive.