Heis & Ors (Administrators of MF Global UK Ltd.) v MF Global Inc

Heis & Ors (Administrators of MF Global UK Ltd.) v MF Global Inc

Special administrators appointed under the Investment Bank Special Administration Regulations 2011 are not officers analogous to a liquidator for the purposes of the GMRA; their appointment does not constitute an automatic event of default under the GMRA.

Parties
Applicant: Richard Heis; Applicant: Michael Robert Pink; Applicant: Richard Dixon Fleming; Respondent: MF Global, Inc.
Jurisdiction
England and Wales
Judgment Date
01 November 2012
Procedural Posture
Application for Directions / Judgment
Outcome
Application for directions granted; declaration made.
Legal Topics
Event of Default, Special Administration, Liquidation, Repurchase Agreements, Investment Bank Insolvency
Insolvency Banking Contracts Event of Default Special Administration Liquidation Repurchase Agreements Investment Bank Insolvency

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Parties

Richard Heis

Applicant

Michael Robert Pink

Applicant

Richard Dixon Fleming

Applicant

MF Global, Inc.

Respondent

Procedural Posture

Application for Directions / Judgment

Legal Issues

  1. 1 Whether the appointment of special administrators under the Investment Bank Special Administration Regulations 2011 constitutes an immediate and complete event of default under the GMRA without notice.
  2. 2 Whether special administrators are officers analogous to a liquidator under the GMRA.

Ratio Decidendi

Special administrators appointed under the Investment Bank Special Administration Regulations 2011 are not officers analogous to a liquidator for the purposes of the GMRA; their appointment does not constitute an automatic event of default under the GMRA.

Court Disposition

Application for directions granted; declaration made.

Orders

  • Administrators appointed under the Regulations are not officers analogous to a liquidator for the purposes of the GMRA.
  • Their appointment did not constitute an event of default under the GMRA.