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English High Court grants an anti-suit injunction in favour of arbitration in respect of proceedings under foreign insolvency legislation

In Riverrock Securities Limited v International Bank of St Petersburg (Joint Stock Company) [2020] EWHC 2483 (Comm) the High Court granted Riverrock Securities Limited (“RSL”) an interim anti-suit injunction against bankruptcy proceedings brought against RSL by the receiver of the International Bank of St Petersburg (“IBSP”) (the Bankruptcy Proceedings).

United Kingdom, Arbitration & ADR, Insolvency & Restructuring, Litigation, Herbert Smith Freehills LLP
Court of Appeal confirms wide discretion afforded to a non-Defaulting Party when determining "fair market value" of securities under the GMRA (2000 version)

The recent Court of Appeal decision inLBI EHF v Raiffeisen Bank International AG [2018] EWCA Civ 719 affirms the wide discretion of the non-Defaulting Party to determine "fair market value" in accordance with the close-out mechanism under paragraph 10(e)(ii) of the standard Global Master Repurchase Agreement (2000 version) ("GMRA").

United Kingdom, Banking, Insolvency & Restructuring, Litigation, Herbert Smith Freehills LLP, Lehman Brothers, Court of Appeal (England and Wales)
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 English High Court finds that arbitration clause “trumps” Insolvency Rules

The case of Philpott & Orton v Lycee Francais Charles De Gaulle Schoolserves as a welcome reminder that the English court will strictly enforce agreements to arbitrate by ordering a mandatory stay of court proceedings, even in contexts where court procedures may traditionally apply.

United Kingdom, Arbitration & ADR, Insolvency & Restructuring, Litigation, Herbert Smith Freehills LLP, Arbitration clause
Banking litigation update
  1. The 1992 ISDA Master Agreement: Court of Appeal provides clarity on payment obligations owed to insolvent counterparties

Lomas v JFB Firth Rixson Inc [2012] EWCA Civ 419

United Kingdom, Banking, Derivatives, Insolvency & Restructuring, Litigation, Securitization & Structured Finance, Herbert Smith Freehills LLP, Condition precedent, Debt, Default (finance)