Two recent cases before the High Court have returned to the question first raised in Marine Trade S.A. v Pioneer Freight Futures Co Ltd as to whether or not a non-Defaulting Party to an ISDA Master Agreement is entitled to withhold payment to a Defaulting Party pursuant to Section 2(a)(iii) whilst simultaneously enforcing the Defaulting Party’s payment obligation in full. The issue is due to be heard by the Court of Appeal in the near future, but nonetheless these cases provide important guidance in the interim.
For more information on this and other recent ISDA related caselaw, follow this link.
