Quite Extreme Circumstances: Privy Council Determines the $100m Question in La Générale des Carrières et des Mines (‘Gécamines’) v F.G. Hemisphere LLC (‘Hemisphere’)
On 17 July 2012, the Privy Council (UKPC 27) passed a landmark judgment of relevance for creditors of States seeking to enforce against the assets of State-owned corporations. The Privy Council held that only in ‘quite extreme circumstances’ would a State-owned corporation (a separate juridical entity formed by the State for commercial or industrial purposes)…