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Contentious commentary - June 2013

Clifford Chance LLP
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United Kingdom
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June 10 2013

Material adverse change clauses in Finance agreements are ubiquitous. They generally have two forms: first, a Representation made by the borrower At

That comfort letter may be of limited comfort

Borden Ladner Gervais LLP
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United Kingdom
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June 11 2013

Punj Lloyd Ltd (PLL), the ultimate parent of Simon Carves Ltd (SCL), provided 'letters of support' (what would in North America be called 'comfort

Greek tragedy for English employees left out of the pensions' lifeboat

Clifford Chance LLP
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Greece, United Kingdom
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June 12 2013

On 6 June, the English Court of Appeal refused to uphold a winding-up order in Relation to Olympic Airlines SA (Olympic), the former state-owned

Enforcement action stayed in light of Korean insolvency

Reed Smith LLP
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United Kingdom
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October 31 2009

The case of DS Norden AS v Samsun Logix Corp & Ors 2009 EWHC 2304 (Ch) concerned international co-operation in insolvency proceedings under the UNCITRAL model law on cross-border insolvency

English High Court interprets meaning of material adverse change

Debevoise & Plimpton LLP
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United Kingdom
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June 4 2013

Recently, the English High Court considered1 how to interpret a material adverse change ("MAC") clause which is a provision that routinely appears

Failure to pay on adjudication decision - 'almost' insolvent is not enough

Mills & Reeve LLP
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United Kingdom
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June 17 2013

The Technology and Construction Court has decided that judgment should not be stayed following a contractor's unsuccessful defence of an adjudication

The Supreme Court’s decision on balance sheet insolvency

Kennedys Law LLP
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United Kingdom
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May 21 2013

The Supreme Court has held that the balance sheet test for insolvency is not whether the company has "reached the point of no return", but neither is

English Court of Appeal interprets the ISDA Master Agreement

Cadwalader Wickersham & Taft LLP
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United Kingdom, USA
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April 12 2012

Last week the Court of Appeal of England and Wales handed down its decision in four appeals which raise a number of questions of construction in relation to derivatives in the form of interest rate swaps and forward freight agreements documented under the International Swaps and Derivatives Association Inc. Master Agreement