Simpson Thacher & Bartlett

International Top 30 position: 22
Asia-Pacific International 50 rank: 32

Chancery division of High Court overturns exit consent

The recent judgment of the Chancery Division of the English High Court in Assénagon Asset Management SA v Irish Bank Resolution Corporation Limited (formerly Anglo Irish Bank Corporation Limited), issued on 27 July 2012, struck down an exit consent in a transaction governed by English law. The Anglo Irish judgment is the first time that the legality of exit consents has been tested under English law. While the judgment is subject to appeal, it calls into question the continued efficacy of established restructuring techniques that have used exit consents as a core mechanic and introduces significant uncertainty into the English law-governed bond market.

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Overview

CityPoint
1 Ropemaker Street
London
EC2Y 9HU
UK

Global turnover 2011: $963.5m
Global lawyers: 820
No. of lawyers (Asia Pacific): 72
Offices (Asia Pacific): 4