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The impact of Sauvegarde on validity of undertakings in a loan agreement (Emerald Pasture Designated Activity Co v Cassini SAS)

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Published on: 10 January 2022

Published by a LexisNexis Banking & Finance expert

Table of contents

Why is this case of interest?
What is the background to the case?
What is the French Sauvegarde procedure?
What were the issues?
What did the court decide?
What would have been the position if additional instalments were due under the loan?
What was the jurisdiction issue?
What are the practical implications of the case?

Article summary

Banking & Finance analysis: In this briefing, the Lexis®PSL Banking & finance team discuss the recent case of Emerald Pasture Designated Activity Co v Cassini SAS, which raised an interesting question as to the enforceability of undertakings in a loan agreement while the borrower was in French insolvency proceedings.

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