Consent payments: are they lawful?
Are ‘payments’ offered to loan note holders to encourage their consent to documentation changes allowed?
In an interesting recent case, Sergio Azevedo v Imcopa Importacao, the validity of ‘consent payments’ offered to loan note holders to secure their votes in favour of certain amendments to the terms of the notes was considered, and the result may be surprising to some.
Imcopa had issued loan notes subject to the terms of a trust deed, which permitted the notes to be varied, provided that 75 per cent of the noteholders consented to the amendments. All amounts owing under the loan notes were to be paid on a pari passu — equal footing — basis…
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These tips will help those individuals who are new to the world of business immigration, as well as seasoned experts, as they highlight a few common issues.
Pre Localism Act 2011, all mutual exchanges took place by deed of assignment. Post Localism Act, surrender and re-grant is the mechanism used for mutual exchange.
Analysis from The Lawyer
Compliance and corporate governance codes for large financial institutions will undoubtedly include provisions to regulate high pay in the future
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