At $17 billion (€15.58 billion), the application to enforce a New York judgment in Ireland is without doubt the largest summary debt claim to come before the Commercial Court — even if its links to the jurisdiction are tenuous, involving as it does, busted Spanish, American, and Cayman Island entities and a story dating back to the privatisation, through an IPO, of Argentinian state petroleum company YPF in 1993. The YPF offering was a success for the Argentine state raising billions of dollars of investment capital. However, the row before the Irish court involves a later Spanish investor in the…

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