(1) Bankruptcy of Respondent during the arbitration. Nonbinding effect of the award under Finnish law.
(2) Discontinuance of the arbitration.
(1) Under Finnish law an award rendered against a party in bankruptcy is not binding in the bankruptcy proceedings.
(2) A request for "discontinuance of" the arbitration was construed as a withdrawal of the case. Parties: Claimant: X (Russian Federation) Respondent: Y
Place of arbitration: Stockholm
Nationality of arbitrators: Sole arbitrator, Swedish
Arbitration costs: EUR 2 000
In June 1995, X and Y entered into an agreement pursuant to which Y was to undertake the construction of a sauna. The agreement provided for resolution of any disputes between the parties by way of arbitration in the Chamber of Commerce in Stockholm, Sweden.