A US court has recently denied creditors the right to recover US$387m in “makewhole” payment obligations triggered by the borrower’s entry into insolvency. In the light of that decision, this article by James Sheehan considers the nature of make-whole provisions and their effect under English law, and in particular their enforceability in the borrower’s insolvency.
This article first appeared in the June issue of Butterworths Journal of International Banking and Financial Law.
JIBFL_2019_Vol34_Issue6_June_Sheehan (002)
