Glencore Energy UK Ltd v Prax Lindsey Oil Refinery Ltd (In Liquidation) [2026] EWHC 2394 (Ch)

Glencore sought and were granted the right under s130(2) Insolvency Act 1986 (moratorium on proceedings) to pursue direct claims against the Defendants for equitable rescission of five crude-oil sales contracts allegedly induced by fraudulent misrepresentations, in terms of which agreements Glencore supplied oil to PLOR worth approximately USD230m. The Court held that Glencore’s claims for rescission, an account of profits and rights in trust to the oil or its proceeds, were sufficiently arguable and involved potentially proprietary rights that could not appropriately be resolved merely through the insolvency proof process.