12/10/2012
START DATE
END DATE
12/10/2012
Moyes & Co (UK) Limited v Northern Gulf Petroleum Holdings Limited
COURT:
LAW:
JUDGE(S):
CLAIMANT'S LAWYER:
DEFENDANT'S LAWYER:
Supreme Court of Bermuda
Commercial Law
Hon. Justice Hellman
Mr. Ben Adamson (Conyers Dill & Pearman)
Mr. Martin Ouwehand (Appleby Bermuda Limited)
FACTS OF THE CASE:
Moyes & Co (UK) Limited, an oil and gas consultancy, sued Northern Gulf Petroleum Holdings Limited for breach of contract. Moyes had entered into an agreement with Northern Gulf to find buyers for its oil assets in Thailand, originally on a retainer and success-fee basis. The transaction was later restructured, but Northern Gulf failed to pay the agreed success fee of $1.7 million upon completion of the sale. Moyes sought damages, debt recovery, and restitution for services rendered. Northern Gulf applied to strike out the claim, arguing that Moyes had no enforceable contract with it.
SUMMARY:
(1) Was there an enforceable contract between Moyes and Northern Gulf? (2) Could the transaction restructuring negate Northern Gulf?s obligation to pay the success fee? (3) Should the claim be struck out for disclosing no reasonable cause of action?
OUTCOMES:
Strike-out application denied; Plaintiff allowed to proceed with claim.
RULED IN FAVOUR OF:
Moyes & Co (UK) Limited (Plaintiff).
PLAINTIFF/CLAIMANT
DEFENDANT:
DURATION (DAYS):
ISSUES:
RELEVANCE:
RULING:
RULING TYPE:
CASES CITED:
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Moyes & Co (UK) Limited v Northern Gulf Petroleum Holdings Limited
Moyes & Co (UK) Limited, an oil and gas consultancy, sued Northern Gulf Petroleum Holdings Limited for breach of contract. Moyes had entered into an agreement with Northern Gulf to find buyers for its oil assets in Thailand, originally on a retainer and success-fee basis. The transaction was later restructured, but Northern Gulf failed to pay the agreed success fee of $1.7 million upon completion of the sale. Moyes sought damages, debt recovery, and restitution for services rendered. Northern Gulf applied to strike out the claim, arguing that Moyes had no enforceable contract with it.