Ernst & Young (EY)'s US$1.7 million judgment in insolvency recovery proceedings

Ernst & Young, acting as administrators of Petroleum Pipe Company Limited, obtained judgment for US$1.7 million plus interest and costs in cross-border insolvency recovery proceedings before the Lagos State High Court.

The claim arose in the context of cross-border insolvency and asset recovery efforts following the administration of Petroleum Pipe Company, a UK-based oil and gas equipment supplier. Appointed under UK insolvency proceedings, Ernst & Young pursued recovery actions in Nigeria to realise outstanding debts and maximise returns for creditors.

In delivering judgment, the Lagos State High Court affirmed the claimant’s entitlement to the full outstanding sum, alongside contractual interest and costs, reinforcing the enforceability of foreign-administered claims within the Nigerian judicial system.

Advisory Team: Advocaat Law Practice