Redcliffe Partners recovers more than EUR 1.3 million for its client under a Vienna International Arbitral Centre (VIAC) award

27 December 2019

Redcliffe Partners has successfully acted for a leading global supplier of high-grade refractory materials, securing leave to enforce the Vienna International Arbitral Centre (VIAC) award in Ukraine and having it enforced in three parallel enforcement proceedings.

The award was based on a complex arbitration agreement founded on a number of contracts and procedural documents of different forms, and envisaged accrual of interest and recovery in three currencies. The court granted in full the application for leave to enforce the award recovering the principal debt and interest from the debtors, a leading Ukrainian producer of glass containers and an insurance company. The court also granted EUR 13,179.43 and UAH 86,589.46 in legal costs to be recovered from the debtors, some 84 per cent of the claimed court expenses.

The indebtedness and interest for the total amount of EUR 1.3 million were recovered for the client in three parallel enforcement proceedings within less than 22 days.

Redcliffe Partners' team, led by Sergiy Gryshko, a Partner and Head of the Dispute Resolution practice, included Yevgen Diadiuk, Senior Associate, and Victoria Ivasechko, Associate.