This ruling on the legality of so-called "exit consents" in the context of collective action clauses has put to rest a loophole often used by bond issuers to expropriate minority bond-holders' rights.   In Assénagon Asset Management SA v Irish Bank Resolution Corporation Ltd (Formerly Anglo Irish Bank Corporation Limited), the issuer, an Irish bank, sought to vary the terms of the bond issue, and included in the terms of the variation a requirement that majority bond-holders commit to voting in favour of removing or substantially devaluing the minority's rights.  The Court held that an issuer cannot require majority bond holders to opt in on that basis, saying that such arrangements amounted to clear coercive threats against the minority, and as such were an abuse of power.

See court decision here.