In a keenly anticipated judgment, the Court of Appeal today handed down its verdict in four appeals¹ concerning the interpretation of various terms of the 1992 ISDA Master Agreement.

The Supreme Court has delivered a judgment providing welcome clarification on the construction and effect of section 123(2) of the Insolvency Act 1986 (the "balance-sheet" insolvency test) and its interaction with section 123(1)(e) of the Act (the "cash flow" insolvency test).

In a keenly anticipated judgment, the Court of Appeal today handed down its verdict in four appeals¹ concerning the interpretation of various terms of the 1992 ISDA Master Agreement.