Davis Polk & Wardwell

International top 30 position: 27
International 50 position (Asia-Pacific): 20

Exit consents unlawful under English law

On 27 July 2012, the Chancery Division of the English High Court upheld a challenge to the legality of an exit consent on the basis that it was oppressive towards the minority bondholders and at variance with the purposes for which majorities in a class are given power to bind minorities. The court also upheld a separate claim that the use of the exit consent in issue was caught by a prohibition in the applicable trust deed against the issuer voting bonds beneficially held by it or for its own account.

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Overview

99 Gresham Street
London
EC2V 7NG
UK

Global revenue 2011 ($m): 910
Global lawyers 2011: 772
Jurisdiction: US
No. of offices: 3
No. of qualified lawyers: 112 (International 50)