Lloyd's Law Reporter
LAW DEBENTURE TRUST CORPORATION PLC v (1) CONCORD TRUST (2) ACCIONA SA (3) ELEKTRIM FINANCE SA (4) VIVENDI HOLDINGS I CORP
[2007] EWHC 1380 (Ch), Chancery Division, Mr Justice Lewison, 15 June 2007
Banking – Bonds – Security given by company associated with bond issuer – Trustee of bond required by bondholders to give notice of acceleration following default by issuer – Entitlement of trustee to release security unless receiving a bondholder indemnity – Whether trustee obliged to distribute sums to bondholders – Right of trustee to apply monies to discharge its own costs and to provide retention against future liabilities to bond issuer