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Article: Procedure under a "restriction of enforcement" clause in an intercreditor deed.
- Article from:
- Mondaq Business Briefing
- Article date:
- November 7, 2008
CopyrightCOPYRIGHT 2008 Mondaq Ltd. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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In Burdale Financial Ltd v Agilo Master Fund Ltd : Abbeycrest Plc v Agilo Master Fund Ltd [2008] EWHC 1103 (Ch), the Court considered the proper interpretation of a clause in an intercreditor deed which prevented the junior creditor from enforcing the junior debt unless specific procedural requirements were complied with.
A dispute arose between the parties to a facility arrangement, Burdale Financial Ltd (as Senior Creditor), Abbeycrest Plc (as Debtor) and Agilo Master Fund Ltd (as Junior Creditor). The relationship of the parties was governed by an intercreditor deed dated 16 June 2006 (the "Deed"). The Senior Creditor and the Debtor applied to the High Court ...