Resolving structured products and securitisations disputes—key cases
Resolving structured products and securitisations disputes—key cases

The following Banking & Finance guidance note provides comprehensive and up to date legal information covering:

  • Resolving structured products and securitisations disputes—key cases
  • Insolvency and restructuring
  • Bondholders binding and being bound by other stakeholders
  • Interpretation of clauses
  • Flip clauses
  • Duty of care and misrepresentation
  • Notice of default
  • Valuations

This Practice Note sets out certain key cases and associated analysis relevant to structured products and securitisation practitioners. The cases are divided by topic area and include:

  1. Insolvency and restructuring

  2. Bondholders binding and being bound by other stakeholders

  3. Interpretation of clauses

  4. Flip clauses

  5. Duty of care and misrepresentation

  6. Notice of default, and

  7. Valuations

Insolvency and restructuring

Names of parties Judgment date Case summary Analysis
Re ARM Asset Backed Securities SA [2014] 2 BCLC 364, [2014] EWHC 1097 (Ch) 28 March 2014 The Luxembourg Commission de Surveillance du Secteur Financier (the CSSF) requested the commencement of liquidation proceedings under article 39 of the Luxembourg Law on Securitisation against a company incorporated in Luxembourg. However, on the application of the directors an order was made in the High Court appointing provisional liquidators of the company, on the grounds that it was insolvent and its centre of main interests was in England.
The company's registered office was in Luxembourg and its sole business was to issue bonds to investors and then to invest that money into the purchase of life insurance policies in the US