Elliott International LP & Ors v Law Debenture Trustees Ltd

Elliott International LP & Ors v Law Debenture Trustees Ltd

Condition 14(a) does not empower the Trustee to commence tierce opposition proceedings, as such proceedings are not enforcement actions under the bonds. Condition 14(b) does not prevent claimants from instituting or pursuing the Opposition Proceedings, as they are not enforcement actions.

Parties
Claimant: Elliott International, L.P.; Claimant: The Liverpool Limited Partnership; Claimant: M.D. Sass RE/Enterprise Partners, L.P.; Claimant: M.D. Sass Corporate Resurgence Partners III, L.P.; Defendant: Law Debenture Trustees Limited
Jurisdiction
England and Wales
Judgment Date
23 November 2006
Procedural Posture
Civil / Judgment
Outcome
Declarations granted
Legal Topics
Bondholder Rights, Trustee Powers, Declaratory Relief, Jurisdiction, Enforcement Clauses
Trusts Insolvency Contract Bondholder Rights Trustee Powers Declaratory Relief Jurisdiction Enforcement Clauses

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Parties

Elliott International, L.P.

Claimant

The Liverpool Limited Partnership

Claimant

M.D. Sass RE/Enterprise Partners, L.P.

Claimant

M.D. Sass Corporate Resurgence Partners III, L.P.

Claimant

Law Debenture Trustees Limited

Defendant

Procedural Posture

Civil / Judgment

Legal Issues

  1. 1 Whether the Trustee has capacity under condition 14(a) to institute or pursue tierce opposition proceedings in the Paris Commercial Court on behalf of the claimants
  2. 2 Whether claimants are prevented or prohibited from instituting and pursuing the Opposition Proceedings by reason of condition 14(b)

Ratio Decidendi

Condition 14(a) does not empower the Trustee to commence tierce opposition proceedings, as such proceedings are not enforcement actions under the bonds. Condition 14(b) does not prevent claimants from instituting or pursuing the Opposition Proceedings, as they are not enforcement actions.

Court Disposition

Declarations granted

Orders

  • Declaration that Trustee has no capacity under condition 14(a) to institute or pursue tierce opposition proceedings in the Paris Commercial Court on behalf of the claimants.
  • Declaration that claimants are not and have not at any material time been prevented or prohibited from instituting and pursuing the Opposition Proceedings by reason of condition 14(b).