Articles by author
Do divergent terms across European leveraged finance documentation really create misunderstanding, mischief and mayhem?
In this article the author considers the variations in the terms of key covenants within the same debtor groups, particularly in multi-tiered debt capital structures (involving Super Senior RCF, Senior Term Debt, Mezzanine and High Yield Bonds) in the European leveraged finance market, how this is playing out at different points of the credit cycle, and if there may be a way in which the market can more cohesively address/reconcile these differences.
8 FEB 2026Tacking: what further advances since 2002?
In this article, the authors consider issues of interest to the syndicated loan market in the context of the “tacking of further advances” to existing lending secured by registered land, or mortgages of registered land, in light of s 49 of the Land Registration Act 2002, developments in jurisprudence on the topic, and the work of the Law Commission. The authors are indebted to Mr Trevor Moore, for his article in this journal entitled ‘Real Estate as Security following The Land Registration Act 2002’ (2004) 2 JIBFL 56, upon which this work builds. This work assesses developments since that date and addresses problems arising in the modern loan market where; syndicate lenders make further advances directly to the borrower under ancillary facilities/RCFs; where loan agreements state that the obligation to make a further advance does not apply for so long as there is an un-remedied breach of covenant; how the concept of the “agreed maximum amount” operates under facilities where there are incremental loans and up-tiering transactions; and how the absence of a robust intercreditor agreement with a subsequent chargee can expose the “senior” lenders to US-style “lender-on-lender” violence.
31 JUL 2024Going cashless: the treatment of cryptoassets in insolvency proceedings
The transaction volume of cryptoassets and associated products has witnessed rapid expansion, with recent reports indicating that the cumulative market value for cryptocurrencies alone has now exceeded $3trn. This growth has, in turn, increased the likelihood of both cryptoasset-related businesses (such as exchanges and custodian wallet providers) entering into formal insolvency processes, and cryptoassets featuring within insolvency proceedings. Accordingly, this article considers how cryptoassets are treated within English insolvency law, focusing on their classification as property, jurisdictional issues arising from their decentralised nature, the enforcement of security interests, and the challenges of valuation and distribution.
30 APR 2024Loan defaults: untimely remedies and potential hangovers in credit agreements
This article examines some of the current issues arising in leverage finance agreements on defaults and the expansion of express remedy terms that can impact on debt transfers.
1 JUL 2022
