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Debt Relief – Insolvency – Bankruptcy Information » Insolvency » Ashurst newsflash: Court of Appeal decision on Eurosail – “balance sheet” insolvency test

Ashurst newsflash: Court of Appeal decision on Eurosail – “balance sheet” insolvency test


In this newsflash, Giles Boothman, Head of Ashurst’s Restructuring and Special Situations Group, explains the significance of the Eurosail case and summarises how the Court of Appeal found that a company whose audited accounts showed a significant net asset deficit was not found to be balance sheet insolvent for the purposes of an event of default in the notes issued by Eurosail. The Court of Appeal’s decision upholds the decision of the High Court last year albeit for slightly different reasons.

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