Under the provisions of Eurobonds, the holders were entitled to require the trustees of the bond to issue a notice of default and of acceleration of payment under appropriate circumstances. The board member nominated by the bondholders had been suspended, and the bondholders claimed this was a default.
Held: The Issuer and Elektrim were in breach of a condition in the Bonds and that the Trustee was at liberty to certify without any further enquiry or investigation that such breach is materially prejudicial to the interests of the bondholders.
Judges:
Vice-Chancellor, The Vice-Chancellor
Citations:
[2004] EWHC 1216 (Ch)
Links:
Jurisdiction:
England and Wales
Financial Services
Updated: 11 June 2022; Ref: scu.197870