High Court clarifies the balance sheet test for insolvency and opines on PECOs

Resource type: Legal update: case report

Status: Published on 05-Aug-2010

Jurisdictions: England, Wales

An update on BNY Corporate Trustee Services Ltd v Eurosail-UK 2007-3BL plc and others [2010] EWHC 2005 (Ch), in which the High Court considered the scope of section 123(2) of the Insolvency Act 1986 and whether a post-enforcement call option is effective to preserve the insolvency remote status of an issuer of securities.

PLC Finance

Register for free access

To access this resource and thousands more, register for a free, no-obligation trial of Practical Law. Register using the button below, telephone +44 (0)20 7202 1220 or e-mail info@practicallaw.com.

A free trial will give you:

✔	Unlimited access to Practical Law online know-how
✔	Thousands of market standard documents and clauses
✔	Daily alerts and weekly update e-mails on key legal developments in your practice area
	Register

Log in

To access this resource, log in below or register for free access.

Contact us

Our customer services team are available every working day 8.30am to 7pm (GMT).

Actions

Resource information

Show resource details Hide resource details

Resource ID: 1-502-9564
Published: 05-Aug-2010
Products: PLC Law Department Email, PLC UK Corporate, PLC UK Dispute Resolution, PLC UK Finance, PLC UK Law Department, PLC UK Restructuring and Insolvency

Ask a question

Related content

Related content

Topics

Restructuring and InsolvencyRestructuring and Insolvency (http://uk.practicallaw.com/9-103-2072)
Restructuring and Insolvency TransactionsRestructuring and Insolvency Transactions (http://uk.practicallaw.com/4-103-1268)
Restructuring and Insolvency: Basic ConceptsRestructuring and Insolvency: Basic Concepts (http://uk.practicallaw.com/5-103-1263)
Security and Quasi SecuritySecurity and Quasi Security (http://uk.practicallaw.com/6-103-1106)
Structured FinanceStructured Finance (http://uk.practicallaw.com/8-103-1105)
Substantive LawSubstantive Law (http://uk.practicallaw.com/6-204-9134)

Practice note: overview

Securitisation: overview Securitisation: overview (http://uk.practicallaw.com/topic7-202-1177)

Practice note

Compulsory liquidation: What is it and when can a company be placed into compulsory liquidation? Compulsory liquidation: What is it and when can a company be placed into compulsory liquidation? (http://uk.practicallaw.com/topic7-107-3978)

Glossary

Event of default Event of default (http://uk.practicallaw.com/topic9-107-6565)
Insolvency (corporate) Insolvency (corporate) (http://uk.practicallaw.com/topic9-385-5821)

Legal update: case report

Balance sheet test for insolvency confirmed (Court of Appeal) Balance sheet test for insolvency confirmed (Court of Appeal) (http://uk.practicallaw.com/topic9-505-0735)
Balance sheet test for insolvency is not a "point of no return" test (Supreme Court) Balance sheet test for insolvency is not a "point of no return" test (Supreme Court) (http://uk.practicallaw.com/topic2-528-2885)
The cash flow test of insolvency includes the consideration of prospective and contingent debts The cash flow test of insolvency includes the consideration of prospective and contingent debts (http://uk.practicallaw.com/topic9-379-8717)

Case page

BNY Corporate Trustee Services Ltd v Eurosail- UK 2007- 3BL Plc & Ors [2010] EWHC 2005 (Ch) (30 July 2010) BNY Corporate Trustee Services Ltd v Eurosail- UK 2007- 3BL Plc & Ors [2010] EWHC 2005 (Ch) (30 July 2010) (http://uk.practicallaw.com/topicD-012-1524)

{ "siteName" : "PLC", "objType" : "PLC_Doc_C", "objID" : "1247386832917", "objName" : "High Court clarifies balance sheet test for insolvency and PECOs", "userID" : "2", "objUrl" : "http://uk.practicallaw.com/cs/Satellite/1-502-9564?source=relatedcontent", "pageType" : "", "contentAccessed" : "false", "analyticsPermCookie" : "224740471:13ec39ef668:780a", "analyticsSessionCookie" : "224740471:13ec39ef668:780b", "statisticSensorPath" : "http://analytics.practicallaw.com/sensor/statistic" }