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No more deemed fulfilment: The Supreme Court decision in King Crude Carriers SA v Ridgebury November LLC
Elliot Grosvenor-Taylor
The recent Supreme Court judgment in King Crude Carriers SA and others v Ridgebury November LLC marks a significant development in English contract law.
The decision arose from an appeal against an arbitration award and addresses the fundamental question of whether the so called “deemed fulfilment” principle established by the 1881 Scottish Appeal case of Mackay v Dick exists in English Law.
In 2025, two High Court rulings, Apollo XI Ltd v Nexedge Markets Ltd and J&J Snack Foods Corp & ICEE Corp v Ralph Peters & Sons Ltd highlighted the strict nature of the duty of full and frank disclosure in without notice applications.
In both cases, the court discharged freezing injunctions after finding that the applicants had failed to meet the requisite standard of candour and fair presentation. These decisions serve as a clear reminder that when seeking urgent relief without notifying the other party, applicants must present all material facts - including those that may undermine their case, and ensure the court receives a balanced and accurate account.
Claims involving digital assets (including crypto assets) have become relatively common in the English Courts over the last five years and, as a result, the main areas of disagreement between the parties to those disputes are starting to emerge. A major theme is the methodology that should be applied to the tracing and following of digital assets.
Assets are typically placed in a trust for legitimate purposes, such as safeguarding wealth for future generations. However, arguments that a trust is in fact a “sham” created to hide the true ownership of assets often arise in the context of divorce litigation, bankruptcy/insolvency where a creditor seeks to argue that a trust is a pretence seeking to shield assets from creditors, or in estate disputes, where beneficiaries look to bring assets of the deceased back into an estate.
Where the identity of a person or group of people responsible for a fraud is not known, the courts have recognised that it may be appropriate in certain circumstances to allow a claimant to issue proceedings and obtain an injunction (both interim and final) against such individuals. These injunctions are referred to as “persons unknown injunctions” and they have become increasingly prominent in recent years.
Elliot Grosvenor-Taylor
Richard Lodge
Sameena Munir
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