Cross-Border Bond Enforcement Litigation

Cross-border bond enforcement litigation is a complex and rapidly evolving area of the law. This course will cover key issues and recent developments affecting bondholders and issuers under U.S. and English law, which are the dominant governing law choices. This interplay between U.S. and English law and procedure is important in cross border insolvency situations that touch both jurisdictions.

Among other things, this course will include a discussion of Hon. Mr. Justice Snowden's landmark decision on the limits of English schemes of arrangement in the matter of Indah Kiat International Finance Company, B.V., and the recent decisions interpreting the scope of the prohibition against impairment of creditors' rights under the U.S. Trust Indenture Act, including in Marblegate Asset Management, LLC v. Education Management Corp. This discussion will identify the implications for future cross border insolvency matters of these recent rulings.

This course will be presented by senior litigators at Dechert, LLP: Dennis Hranitzky, a litigation partner widely recognized as a leading litigator in this area; Gary Mennitt, co-leader of the Complex Commercial Litigation group at the firm, and Debra Gorman, counsel in the same group.   

Learning Objectives: 

1. Understand the interplay between U.S. and English law governing debt securities
2. Articulate the limits of permissible restructuring under U.S. and English law
3. Identify recent decisions interpreting the scope of the " no action clause" in U.S. law indentures
4. Recognize best practices on drafting jurisdiction clauses and arbitration agreements in bond documents
5. Describe bond trustee directions and indemnification
6. Examine trustee resignation and replacement
7. Inspect fraudulent conveyance, receivership, and bankruptcy
8. Identify bond issuer counterclaims against activist holders