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Source text - English Substituting judgment to allow its enforcement abroad
QUEEN’S BENCH DIVISION
Messer Griesheim GmbH v Goyal MG Gases PVT Ltd
Judgment February 7, 2006
THE COURT had the discretion, on the application of a claimant, to set aside a judgment entered in default which could not be enforced in a foreign jurisdiction to enable the claimant to obtain summary judgment which could be enforced in that foreign jurisdiction.
Mr Justice Langley so held in the Commercial Court of the Queen’s Bench Division when:
(i) setting aside the judgment in default of acknowledgment of service entered by the claimant, Messer Griesheim GmbH, on February 6, 2003, against the defendant, Goyal MG Gases PVT Ltd, and
(ii) granting summary judgment in favour of Messer in its claim to recover from Goyal under its right of subrogation, a payment made to Citibank International plc under a guarantee.
MR JUSTICE LANGLEY said that the default judgment entered by Messer was not enforceable in India, the country where Goyal had its assets and where Messer would need to enforce any judgment it obtained.
Goyal asserted that once judgment in default had been entered, the claim had merged in the judgment and it could not be made to comply with it.
His Lordship said that the common law principle of merger, namely that a cause of action was merged in a judgment upon it, had the consequence that unless the judgment was set aside the cause of action which gave rise to it could not be pursued.
....
The policy underlying the principle was to avoid double jeopardy and multiplicity of proceedings and to achieve finality, not to deprive a claimant of the claim.
Translation - Norwegian Substitusjon av dom for å gi adgang til fullbyrdelse av den i utlandet
QUEEN’S BENCH DIVISION
Messer Griesheim GmbH mot Goyal MG Gases PVT Ltd
Dom av 7 februar 2006
RETTEN kunne etter eget skjønn, etter begjæring fra en saksøker, oppheve en uteblivelsesdom som ikke kunne bli fullbyrdet av en utenlandsk domsmyndighet, slik at det ble mulig for saksøker å oppnå en dom etter forenklet domsbehandling som kunne bli fullbyrdet av denne utenlandske domsmyndigheten.
Dette fremholdt dommer Langley i Commercial Court i Queen’s Bench Division da retten:
(i) opphevet uteblivelsesdommen avsagt etter manglende tilsvar på stevning i favør av saksøker, Messer Griesheim GmbH, 6 februar 2003, mot saksøkte, Goyal MG Gases PVT Ltd, og
(ii) etter forenklet domsbehandling gav Messer medhold i kravet om å inndrive fra Goyal, gjennom sin subrogasjonsrett, en betaling utført til Citibank International plc under en garanti.
DOMMER LANGLEY sa at uteblivelsesdommen i favør av Messer ikke kunne fullbyrdes i India, landet hvor Goyal har sine verdier og hvor Messer ville behøve å fullbyrde en eventuell dom.
Goyal hevdet at da uteblivelsesdommen først var blitt avgitt, hadde kravet blitt absorbert i dommen, og de ville ikke kunne pålegges å etterkomme kravet.
Dommeren sa at absorpsjonsprinsippet i engelsk sedvanerett, nemlig at et rettskrav absorberes i en dom over det, hadde som følge at med mindre dommen ble opphevet, ville rettskravet som forårsaket den ikke kunne forfølges.
...
Den underliggende grunnen for prinsippet var å unngå gjenopptakelse av straffesaker som hadde endt med frifinnelse, unngå flere rettssaker og å få en endelig avgjørelse, ikke å berøve en saksøker for kravet.
English to Norwegian: economy
Source text - English Corporate debt
Europe’s new deal junkies
Risky borrowing is reshaping Europe’s corporate landscape.
In an industry condemned to believe that size matters, it is remarkable that the record for the greatest leveraged buy-out dates as far back as 1988 – when Michael Milken, the junk-bond king, walked tall on Wall Street. The $25 billion hostile takeover of RJR Nabisco, has remained a marvel of the corporate world not just because of its size, but also because KKR, the private-equity outfit that bought it, had a hellish task to recoup its money.
Inevitably, perhaps, this arouses European fears of cross-border raids by heartless asset-strippers. Some worry about curbs on investment and innovation, as private-equity groups instead seek short-term profits. Anyway, isn’t the lesson from KKR that all that debt is dangerous?
Not necessarily. Buy-outs promise to breathe fresh air through stale conglomerates by hastening restructuring. The need to pay down all that debt – or avoid a predator – will put managers on their toes.
Europe’s capital markets are changing. The cosy, often inefficient, relations between its banks and their corporate clients are being supplanted by cheaper, but more opportunistic, debt practices of the sort that fuelled the takeover boom in America in the 1980s. With investors searching for alternatives to low-yielding bonds and shares, buy-out merchants can raise astonishing sums astonishingly fast.
The worriers are right to fear that all this could become reckless. With large sums of money chasing a small number of targets, prices are rising close to levels last seen in the boom-bust era of 1980s America. Borrowers are venturing into the more toxic end of the credit spectrum, such as junk bonds and leveraged loans. With credit quality deteriorating, default rates are bound to rise.
The Economist, February 18th 2006 (abridged)
Translation - Norwegian Bedriftenes gjeld
De nye oppkjøpshaiene i Europa
Risikofylte låneopptak endrer det europeiske bedriftslandskapet.
I en bransje dømt til å mene at størrelsen teller, er det oppsiktsvekkende at rekorden for største lånefinansierte oppkjøp ble satt så langt tilbake som i 1988 – den gang Michael Milken, kongen av høyrisikoobligasjoner, brisket seg på Wall Street. Den fiendtlige overtakelsen av RJR Nabisco for 25 milliarder dollar er fortsatt et av forretningsverdens undere - ikke bare på grunn av størrelsen, men også fordi kjøperen, investeringsselskapet KKR, hadde en helsikes jobb med å få igjen pengene sine.
Det er kanskje ikke til å unngå at i Europa skaper dette frykt for hjerteløse bedriftsslaktere på raid over landegrensene. Noen er bekymret over brems i investeringer og innovasjon, siden grupper av private aksjeselskaper i stedet søker kortsiktig profitt. Men er ikke lærdommen fra KKR at så mye gjeld er farlig?
Ikke nødvendigvis. Oppkjøp varsler pust av frisk luft inn i innestengte konglomerater gjennom påskyndet restrukturering. Behovet for å betale ned all denne gjelden – eller unngå å bli spist – vil få ledelsen på tå hev.
Kapitalmarkedene i Europa er i endring. De hyggelige, ofte ineffektive relasjonene mellom bankene og deres bedriftskunder, blir nå erstattet av billigere, men mer opportunistiske gjeldsmodeller av den typen som drev oppkjøpsboomen i Amerika på 1980-tallet. Med investorer på leting etter alternativer til lavforrentede obligasjoner og aksjer, kan oppkjøpere skaffe utrolige summer utrolig fort.
De engstelige har god grunn til å frykte at alt dette kan bli uvørent. Med store pengesummer på jakt etter et lite antall ofre, er prisene på vei opp og nærmer seg nivåer som ikke er sett siden opp- og nedgangstidene i 1980-årenes Amerika. Låntakerne drister seg nå inn i den giftigere enden av kredittspekteret, slik som høyrisikoobligasjoner og fremmedfinansierte lån. Med en kredittkvalitet i forverring er misligholdsandelene nødt til øke.
The Economist, 18 februar 2006 (forkortet)
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