Legal News

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

Published on: 10 January 2022

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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