Privy Council confirms Cukurova's entitlement to relief from forfeiture

After more than five years of litigation between Cukurova of Turkey and Alfa of Russia, the Privy Council has delivered a pivotal ruling in Cukurova's favour.[1] The decision establishes that a borrower may be entitled to equitable "relief from forfeiture" even after a lender has exercised a power of appropriation under the Financial Collateral Arrangements (No 2) Regulations 2003[2] (the "FCA Regulations").