Bank Notes

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I - Implied terms


31/3/15

MYERS v KESTREL ACQUISITIONS LTD [2015] EWHC 916 (Ch)

Noteholders claimed that amendments to loan notes had been made in breach of an implied term of good faith and an event of default had occurred because the issuer was insolvent.  The court held on the facts that no such term could be implied but balance-sheet insolvency had been established and a declaration was granted to that effect. 


27/7/12

ASSENAGON ASSET MANAGEMENT SA v IRISH BANK RESOLUTION CORP LTD [2012] EWHC 2090 (Ch), [2013] Bus LR 266

A majority of bond holders were not entitled to vote for a resolution which expropriated the rights of the minority for nominal consideration.  The power of the majority under the contract to bind the minority was subject to an implied term that the power should be exercised for the benefit of the class as a whole not individual members.