Thursday, 2 May 2013

UK: Supreme Court to give judgment next week in BNY Corporate Trustee Services

The Supreme Court has announced that it will hand down its judgment next Wednesday in BNY Corporate Trustee Services Limited v Eurosail-UK 2007-3BL PLC (on appeal from [2011] EWCA Civ 227). At issue, to quote the court's summary, was the "... proper interpretation of section 123(2) of the Insolvency Act 1986 as incorporated into a securitisation agreement, in particular whether a company is to be deemed 'unable to pay its debts' by reason of the fact that on an examination of its balance sheet its liabilities exceed its assets, or whether some further test is involved ...".

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