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High Court clarifies calculation of Close-out Amount under 2002 ISDA Master Agreement

Lehman Brothers Special Financing Inc. v National Power Corporation & Anor [2018] EWHC 487 (Comm) is a significant case on the calculation of Close-out Amount under the 2002 ISDA Master Agreement.  

Two important points of principle arise from this judgment, which will have general application to transactions governed by the 2002 ISDA Master Agreement:  

United Kingdom, USA, Derivatives, Insolvency & Restructuring, Litigation, Herbert Smith Freehills LLP
New guidance from the High Court on section 6(a) of the ISDA Master Agreement (right to terminate following event of default)

The High Court has recently considered the interpretation of Section 6(a) of the 1992 ISDA Master Agreement: Grant & Ors v WDW 3 Investments Ltd & Anor [2017] EWHC 2807 (Ch).

United Kingdom, Derivatives, Insolvency & Restructuring, Litigation, Herbert Smith Freehills LLP, Liquidation, Unsecured creditor, International Swaps and Derivatives Association, High Court of Justice (England & Wales)
The Royal Court of Guernsey sanctions first scheme of arrangement relating to the restructuring of an insolvent business

In September 2012, Grant Thornton were appointed by the Royal Court of Guernsey as joint administrators of a Guernsey company called Montenegro investments limited (MIL) - a Guernsey property Investment Fund..  The joint administrators then appointed Ogier.

Current Status of MIL

Guernsey, Insolvency & Restructuring, Litigation, Private Client & Offshore Services, Ogier, Shareholder, Balance sheet