AuthorWrite something about yourself. No need to be fancy, just an overview. ArchivesCategories |
Back to Blog
Loyyds tsb bank12/20/2023 ![]() It referred to Chase as the Participant and began with a preamble: The sub-participation agreement was expressed to be governed by English law. (In fact there were two pairs of agreements, each dealing with a separate tranche of bonds, but they were in the same terms and it is sufficient to refer to one.) The first was called a Short-Form Sub-Participation Agreement ( the sub-participation agreement ) and the second a Deposit Agreement. SIBL entered into a pair of interlocking agreements with Chase Manhattan Bank Luxembourg SA ( Chase ). Woodchuck transferred title to the bonds to Socimer International Bank Ltd ( SIBL ) in exchange for payment in cash. The derivatives (called depositary receipts ) were then marketed and sold. The scheme adopted was to transfer that part of the issue held by Woodchuck to a friendly bank and then create transferable derivatives which carried the right to capital and interest but not to votes or custody of the bonds. The reasons are obscure and do not matter the evidence hints at some apprehended proxy battle. ![]() In 1996 it appears that Woodchuck wished to dispose of the notes in such a way that the voting rights remained in friendly hands. $36.1m of these notes were acquired by a Panamanian company called Woodchuck Investments Inc ( Woodchuck ). The eurobond issue consisted of US$150m 5 year 8% loan notes issued on 26 August 1993 by a Brazilian company called Bombril SA. If not, it forms part of the insolvent estate and the sub-participant is an unsecured creditor. If the agreement amounted to an assignment of a proprietary interest in the proceeds, the money belongs to the sub-participant. The question has arisen because the bank which granted the sub-participation has gone insolvent. The question in this appeal is whether a sub-participation agreement, entered into between two banks in respect of part of a eurobond issue, conferred upon the sub-participating bank any proprietary interest in the underlying bonds or their proceeds. REASONS FOR REPORT OF THE LORDS OF THE JUDICIALġ3th May 2002, Delivered the 29th May 2002Īt the conclusion of the hearing on their Lordships agreed humbly to advise Her Majesty that the appeal ought to be dismissed and that they would give their reasons later. (1) Paul Frederick Clarke (Liquidator of Socimer Make sure you check their website for up-to-date information about opening hours.Lloyds TSB Bank plc v Clarke & Anor (Bahamas) UKPC 27 () You can check your balance, take money out and pay cash or cheques into your current account at Post Office counters. Need a home insurance quote? Visit our home insurance hub.ĭon't forget, you can also bank at your local Post Office.Applying for a loan? More information about loans.Need to manage your overdraft? Visit our overdraft hub.Planning a move? To keep your moving plans moving, you can calculate your borrowing online, as well as speak to a Mortgage Adviser over video or phone.Check your balance – you can check your balance online, by phoning telephone banking and using our automated service or at an ATM.On our app or Internet Banking – to stay on top of payments, you can manage direct debits and standing orders, pay a bill or person and even pay in a cheque on our app (up to £2,000 per cheque and £5,000 in total per day).There are lots of ways to stay on top of your money that don't involve going to a branch:
0 Comments
Read More
Leave a Reply. |