Debt Collection of €1 Million Based on an ICC Arbitral Award

A Belarusian legal entity (the creditor) approached us seeking assistance in enforcing an ICC arbitral award against its Irish counterparty. The debt amounted to €1 million.

The main challenge was that, even if the ICC award were recognized and enforced through the Irish courts, there remained a risk of the funds being frozen in European bank accounts due to sanctions. Alternative procedures (such as a 21-day letter or initiating bankruptcy proceedings) also did not guarantee repayment and could have taken years.

The REVERA team initiated recognition and enforcement proceedings in the High Court of Ireland, using the process as a means of maintaining constant pressure on the debtor. In parallel, we submitted settlement proposals, including several restructuring options.

Ultimately, the parties agreed on a repayment structure involving a third party and the use of escrow accounts of Irish lawyers, which helped to minimize sanction-related risks.

Result: The client recovered the entire debt.

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