Clifford Chance

International Rescue: English scheme makes Rodenstock's restructuring: F.A.B.

6 May 2011

Whilst many European jurisdictions are playing catch up in developing their own effective restructuring regimes, the UK is leading the way in utilising tried and tested restructuring techniques to facilitate the rescue of non English entities. Today's judgment in the case of Rodenstock GmbH will encourage foreign borrowers to have finance agreements governed by English law, or to give the English courts exclusive jurisdiction to consider disputes. This latest case illustrates just how useful such provisions can be in establishing a sufficient basis for the English court to found its jurisdiction and sanction a restructuring that takes on the form of an English scheme of arrangement.

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