Under the Convention on the Recognition and Enforcement of Foreign Arbitral Awards (New York, 1958) (the New York Convention), the enforcement of an arbitral award made in one New York Convention State in another New York Convention State is, generally, quick and straightforward. However, complications do arise. For example, what happens when (i) an arbitral award is made in country A, (ii) an application to set aside that arbitral award is made to the national courts of country A, and (iii) enforcement of the award is then sought in country B before determination of the application in country A? Furthermore, what happens when the application in country A is unsuccessful but an appeal is brought against that decision? That was the scene faced by the courts of the British Virgin Isles (BVI) and the Cayman Islands in Conocophillips China Inc v Green Dragon Gas Ltd, which raises interesting public policy issues. This article explores the reasons why different approaches were taken by the BVI and Cayman courts, and the approach which the offshore courts are likely to take in the future.

Statutory Rules on the Enforcement of Foreign Arbitral Awards

The New York Convention provides an extensive enforcement regime, under which foreign arbitral awards shall be enforced by the New York Convention member states, and enforcement may only be refused in a limited number of enumerated exceptions. Its purpose is to facilitate the enforcement of awards, while at the same time upholding the generally recognised principles of justice and respecting the sovereign rights of member states.




Cayman Islands

Twitter LinkedIn Email Save as PDF
More Publications
27 Sep 2022

Similar but Different

While the basic features of the trust remain, there are some notable differences in how trusts can b...

30 Aug 2022

The Cayman Islands restructuring officer regime comes into force on 31 August 2022

These new proceedings will significantly enhance the Cayman Islands restructuring regime.

4 Aug 2022

Norwich Pharmacal orders: the right medicine for third party disclosure of information and documents in the Cayman Islands

A Norwich Pharmacal order (NPO) is a disclosure order available in the Cayman Islands to compel a th...

Contributors: Susan Fallan
1 Jun 2022

The 2022 Cayman Islands Real Estate Guide

The Real Estate 2022 guide provides the latest legal information on the impact of disruptive technol...

Contributors: Norman Klein
28 Apr 2022

Restructuring the offshore debt of Chinese Real Estate Developers

This article sets out how the current regimes in the Cayman Islands and the BVI can assist with rest...

Contributors: Crystal Au-Yeung
28 Apr 2022

Assignment, novation or sub-participation of loans             

Transfers of loan portfolios between lending institutions have always been commonplace in the financ...

26 Jan 2022

Appleby contributes four chapters to Global Legal Insights – Fund Finance 2022: Cayman Islands

2021 has been an incredibly impressive year for the global subscription credit and fund finance mark...

Contributors: Georgina Pullinger
27 Oct 2021

We hope this registers! A summary of Cayman corporate and partnership registers in a finance transaction.

Because we know that it can be a little befuddling, Appleby has set out a guide to the various Cayma...

7 Oct 2021

Regulatory Round-Up: Cayman Islands Q3 2021

Appleby Cayman’s Our latest Regulatory updates for the Cayman Islands up to Q3 2021.

13 Sep 2021

Loans & Secured Financing in the Cayman Islands 2021

First published in Getting the Deal Through 2021. This practice guide provides topical analysis of L...

Contributors: Alexandra Simpson