EURO LIT INSIGHTS
Insights into European litigation from McDermott Will & Schulte
EURO LIT INSIGHTS
EURO LIT INSIGHTS

Signed, Sealed… Sent? Court of Appeal on Binding Contracts by Email

The Court of Appeal has delivered an important decision on modern contract formation in DAZN Limited v Coupang Corp [2025] EWCA Civ 1083. The court upheld the Commercial Court’s ruling that a binding contract had been concluded by email between DAZN and Coupang for the sublicensing of broadcast rights to the FIFA Club World Cup 2025. The case illustrates how, in the absence of clear “subject to contract” wording, even informal exchanges of emails may create legally enforceable obligations.

Background

FIFA held the global broadcasting rights to the FIFA World Cup, which it licensed to DAZN. DAZN was authorised to sublicense in individual territories and entered into negotiations with Coupang, a major South Korean e-commerce and streaming platform, to grant co-exclusive rights in South Korea.

Negotiations took place over WhatsApp, telephone calls, and eventually email. On 27 February 2025, Coupang emailed DAZN confirming its offer: USD 1.7 million for co-exclusive live and video-on-demand rights in South Korea. On 3 March 2025, DAZN responded by email, expressly stating that it accepted Coupang’s offer and indicating that a draft contract would follow. Over the next few days, the parties exchanged congratulatory messages and began discussing practicalities such as marketing and content production.


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Court of Appeal confirms a Luxembourg Sub-Fund is not an “unregistered company” capable of being wound up under the Insolvency Act 1986

On 3 September 2025, the Court of Appeal handed down judgment in East Riding of Yorkshire Council v KMG SICAV-SIF-GB Strategic Land Fund [2025] EWCA Civ 1137, confirming that a “dedicated fund” of a Luxembourg specialised investment company was not an “unregistered company” within the meaning of section 220 of the Insolvency Act 1986 (the “Act”), and therefore could not be wound up by the court under section 221 of the Act.

Sections 220 and 221 of the Act provide for the winding up of an “unregistered company”, which is defined to include any association and any company that is not registered in the UK under the Companies Act 2006, including a foreign company. The Court of Appeal held that the fund in question was not an association within the meaning of the legislation (as the Council had argued), and therefore it could not be wound up by the English court.

This decision provides important clarity for UK creditors seeking to enforce their rights against foreign corporate structures, and highlights the limits of the English court’s winding up jurisdiction. This judgment effectively rules out using English insolvency procedures against these sub-funds, as the Act does not permit the winding up


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When Arbitration Secrets Cross Continental Divides: The Commercial Court’s Latest Take on Confidentiality

In the world of arbitration, where the same cast of characters regularly appears on different stages, the question of who knows what – and who can tell whom – has always been deliciously complex. The Commercial Court’s recent decision in A Corporation v. Firm B and another [2025] EWHC 1092 (Comm) serves up a masterclass in navigating these treacherous waters, with Mr Justice Foxton at the helm delivering a judgment that manages to be both pragmatic and principled.

Two Vessels and Too Many Lawyers

Picture this: A law firm, Firm B, with offices spanning continents, finds itself in the middle of a confidentiality conundrum. The London office had acted for B Corporation in a dispute about Vessel 1, which settled nicely. The firm’s Asia office was representing C Corporation in a separate arbitration about Vessel 2. The plot thickens when we learn that the opposing parties in these arbitrations – A Corporation and D Corporation, respectively – are corporate siblings, having a common beneficial owner.

A Corporation, sensing danger, sought injunctions faster than you can say “information barrier”. A’s concern? That confidential nuggets from the Vessel 1 arbitration might find their way into the Vessel 2 proceedings, giving C


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What a Cargo of Wheat Can Teach Us About Jurisdiction, Justice, and the Art of Drafting Contracts

In the pantheon of arbitration appeals, achieving success under sections 67, 68, and 69 of the Arbitration Act 1996 in a single case is rather like scoring a hat-trick in a World Cup final – theoretically possible but rarely achieved. Yet this is precisely what CAFI Commodity & Freight Integrators DMCC (CAFI) managed in its recent victory against GTCS Trading DMCC (GTCS).

The decision in CAFI v. GTCS Trading, EWHC 1350 (Comm) (2025) offers a masterclass in how arbitration can go spectacularly wrong when tribunals tie themselves in jurisdictional knots, and how the Commercial Court can untangle even the most byzantine of procedural tangles. More importantly for commercial parties, it provides welcome clarity on when disputes can span multiple contracts – and why arbitrators cannot simply blind themselves to inconvenient contractual provisions.

A Tale of Two Contracts (and Some Sanctions)

As so many modern commercial disputes do, our story begins with the inconvenient incursion of geopolitics upon the noble pursuit of profit.

GTCS agreed to sell CAFI 28,000 metric tonnes of Russian milling wheat at a rate of US$465 per tonne under a contract concluded in March 2022. The timing, one might observe, was not ideal. With US sanctions


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Contract Adjustment In The Event Of Inflation And Crises: When The World Is Upside Down, What Are The Implications For Ongoing Agreements?

The economic environment has changed dramatically in recent years. COVID-19, the war in Ukraine, geopolitical conflicts, supply chain disruptions, skyrocketing prices for raw materials and energy, and natural disasters all highlight the fragility of international supply relationships. But what does this mean in concrete terms for companies and their contractual arrangements? What happens if a contracting party is suddenly no longer able to deliver or if the agreed prices are no longer sufficient for economic viability?

In this post, we explore the legal options available under German law to adjust contracts in response to changing circumstances.

Interference with the Basis of the Agreement: When the Foundation Shifts

Under German law, a contracting party may demand an adjustment to the agreement if the circumstances that formed the basis of the contract change significantly after its conclusion, and continued adherence to the contract would be unreasonable for that party (so-called “interference with the basis of the agreement”, according to Section 313 (1) of the BGB, the German Civil Code). If a contractual adjustment is impossible or unreasonable for one party, it may even request rescission of the agreement by withdrawal or termination, as codified in the BGB.

However, such an adjustment or


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