Neuberger Berman Europe Ltd (on Behalf of Sealink Funding Ltd) and Others Vs. Bny Corporate Trustee Services Limited and Others

Decided On : May-09-2013

Court : UK Supreme Court

LAW: Introduction 1, the Insolvency Act 1986, the Companies Act 2006, section 123(1)(e, section 123(1, section 123(1, the Insolvency Act, Cmnd 8558, section 123(1, Chapter 11, Condition 5(b)(i, Condition 9, Condition 2(h, the A2c Notes, Condition 2(h, Condition 10, the Deed of Charge, section 123(1, Condition 9(a)(3, Condition 6(i, Condition 2(g)(iv, the Insolvency Act, section 123(1, section 123(1)(e, the Insolvency Act, the Insolvency Act, the Companies Act, the Companies Act 1862, section 158, section 79(5, the Companies Act 1862, section 28, the Companies Act 1907, the Companies Act 1907, the Company Law Amendment Committee, section 21, section 21, section 21, the Companies Act 1948, the Companies Act, the Companies Act, the Insolvency Act, section 223, the Insolvency Act, the Insolvency Acts, section 123(1, the Companies Act, section 123(1)(e, section 123(1, Condition 2(h, the Deed of Charge, Condition 5(j, section 123(1, the Insolvency Act

PERSON: Carnwath, Noteholders, ¦, Noteholders, Noteholders, Noteholders, Noteholders, pari, Noteholders, A3 Noteholders, pari, A2 Noteholders, A3 Noteholders, Andrew Morritt, Goode, A3 Noteholders, Goode, Moss, Dicker QC, Noteholders, Noteholders, Noteholders, xv, A1, pari passu, Eurosail, Noteholders, the A3 Noteholders, Noteholders, Noteholders, Dicker, Moss, Noteholders, Noteholders, Dicker, Mark Filer, Peter Walton, William James V-C, para 43, Walton, Slade, Slade, Neill LJJ, James V-C, James V-C, Slade, Briggs, Briggs, Briggs, Kenneth Cork, Ian Fletcher QC, Bill, Bill, Cheyne Finance, Eurosail, Moss, Roy Goode, Roy Goode, Goode, Toulson LJ, Andrew Morritt C, Eurosail, Noteholders, Eurosail, Sheldon, the A3 Noteholders, Toulson, Wilson LJJ, Toulson LJ, Dicker, Collins, Noteholders, Eurosail, Andrew Morritt C, Noteholders, Noteholders, Noteholder, ¦, ¦, Noteholder, Noteholder, Neuberger, Noteholders, Noteholders, Noteholders, Neuberger, Noteholders, Noteholders, A3 Noteholders, Noteholders, Noteholders, Dicker QC, Noteholders

CARDINAL: 1, 2, 1, 2, 1)(e, 2, 2, 2., one, 3, five, 14, three, one, three, 64,500,000, 4., 2, five, 5., 2, 6, 2(g)(vi, 3, 2011, 1, 2011, 2011, 1, 216, 54, 8, 9, three, three, 10, 2, 11, 12, 24, 13, 14, 15, 5, 16, 17, 1, 2, 18, 2(h, 19, 5(j, 20, one, 2011, 1, 8, 2011, 28, 21, 2, five, 22, five, 1, 12, 2, 3, 14, 4, 9, 12, 5, 18, 19, 23, 122, 123, seven, two, five, 1, 24, four, 868, 25, 26, 2011, 1, 24, 2011, 53, 223, 2013, 212, 27, 79, 80, 25, 26, 89, 122, 123, 28, 122, 29, 33, 34, 61, 212, 228, 1, 170, 185, one, Two, 30, 263, 31, 122, 28, 248, 1, One, 33, One, 535, 34, three, two, one, 35, two, 36, 16-22, 1,200, 1, 2, 38, three, 9, 39, three, 29, 32, four, 34, 37, 38, 40, 41, 47 to 49, 47, 48, 4, 42, 115, 119, 43, 1)(e, 2, 29, 32, four, 34, 37, 67, 13, 8, 8, 18, 45, 63, 63 to 74, two, 69, three, 47, 119, 42, 48, 2045, 22(1, 4, 50, 2011, 1, 921, 128, 134, 51, 2011, 1, 122, 39-44, 2011, 84-100, 52, 53, 19, 5, 2, 26, 55, 56, 57, 43, 59, 92-97, two, 6.7, 60, 100, 61, 62, two, 64, 2011, 2011, 1

MONEY: 750, approximately £650, US$200,000,000 A1c £102,500,000 A2a, 100,000,000, 63,000,000, 64,500,000, just under £660,000,000, about $221,000,000, one euro cent, one dollar cent, one penny, 100,000, 10,000, 221, 60, 74.557, 75, 75, just over £420

GPE: England, Wales, Scotland, Northern Ireland, the United Kingdom, UK, England, Scotland, US, US, United Kingdom, the United Kingdom, United Kingdom, Principles, UK, OptionCo

DATE: 1986, 2007-3BL, 2007, 16 July 2007, 1986, 2027, 2045, 1986, 1986, 2010, 1200, 2524, 1982, 1986, quarterly, 13 September 2007, annual, 15 September 2008, 3 October 2008, 13 November 2009, the last three years, three business days, 14 days, 28 August 2008, 1200, 2524, 2045, 2045, 1986, 1985, 1992, 1985, 1985, 1200, 2524, 1985, 1985, 23 October 1985, 1247, 1986, 1862, 1869, tomorrow, 1908, 1906, 3052, 2013, 1979, 1907, 1985, 1986, 21 December 1983, 1987, 11 days, June 1985, 1985, 1985, 247, one year, 1979, 1986, 32, 1985, 1986, 1985, 1986, 1982, 2008, LR 1562, 42-43, 1992, 56, 1985, 1986, 1985, 1985, as long ago, October 1976, October 1979, 1982, 2009, 1984, February 1984, 10 December 1984, 37, more than 30 years, 2045, 32, 44, 2005, 49, over 30 years, 2045, 44, the year ending 30 November 2009, 75 to 83, 76, 78, 2045, 18 years, 79, 49, more than 30 years from now, 2011, 51, 52, 1986, 16 July 2007, 1986, 54, para 40, 58, 54, 2900

ORG: Eurosail, the Lehman Brothers, Eurosail, BNY Corporate Trustee Services Ltd, Trustee, the BNY Mellon Group, Eurosail, Conditions, Trustee, Eurosail, Trustee, an Event of Default the A1 Notes, Issuer, the Board of Directors, Issuer, an Event of Default, Trustee, Eurosail, Trustee, an Enforcement Notice, A2, Conditions, EWHC 2005, the Court of Appeal, The Court of Appeal, the Review Committee on Insolvency Law and Practice, the Cork Report, the Court of Appeal, Post-Enforcement Call Option, Eurosail, Eurosail, Lehman Brothers, Eurosail, Neuberger MR, Conditions, Trustee, Eurosail, Conditions, Conditions, Eurosail, Conditions, SPE, Lehman Brothers, Lehman Brothers, an Enforcement Notice, Eurosail, the "Available Revenue Fund, the Liquidity Facility Provider, Lehman Brothers, the Fixed/Floating Swap Agreement, the BBR Swap Agreement, Lehman Brothers Holdings Inc, Lehman Brothers Special Financing Ltd, LBSF, Eurosail, LBHI, LBSF, Eurosail, Lehman Brothers, Eurosail, A2, the A3 to E1c Notes, Trustee, Eurosail, the Event of Default, Eurosail, Trustee, Eurosail, Trustee, Trustee, Trustee, an Event of Default, Trustee, the Enforcement Notice the Notes, A2, Trustee, the Trust Deed, Trustee, Eurosail, Trustee, OptionCo, the Post Enforcement Call Option, the Post Enforcement Call Option, Trustee, Trustee, Standard and Poor's, SPE, Conditions, Eurosail, Eurosail, Conditions, an Event of Default, Wilmington Trust SP Services, Eurosail, Conditions, Eurosail, Eurosail, the Available Revenue Fund, the Liquidity Facility, the Actual Redemption Funds, Conditions, PECO, In Re a Company 12209 of, the Court of Appeal, the Insolvency Bill, House of Lords, Lucas of Chilworth, In Re European Life Assurance Society, the Life Assurance Companies Act 1870, the Companies (Consolidation, the Loreburn Committee (Report, the Life Assurance Companies Act 1870, Re Capital Annuities Ltd, In Re a Company, Bond Jewellers, In Re European Life Assurance Society, Houses, Parliament, Byblos Bank SAL v, Nicholls LJ, LJ, LJ, the Cork Committee, Committee, Byblos Bank, Griffith CJ, Bank of Australasia v Hall In Re Cheyne Finance Plc, Byblos Bank, the Court of Appeal, the Court of Appeal, Parliament of the Insolvency Bill, State, the Review Committee, White Paper, the House of Lords, non-Party, Houses, Committee, Royal Assent, Government, Government, the House of Lords, Bond Jewellers, Byblos Bank, Eurosail, Lehman Brothers, Eurosail, Eurosail, the Court of Appeal Lord Neuberger MR, Neuberger MR, Toulson LJ, Neuberger MR, Neuberger MR, Eurosail, LBSF, Eurosail, the Court of Appeal, Neuberger MR, Principal Deficiency Ledgers, an Enforcement Notice, Eurosail, Neuberger MR, Eurosail, the Lehman Brothers, Neuberger MR, Neuberger MR, the Court of Appeal's, Toulson LJ, the Court of Appeal, Eurosail, PECO, the Court of Appeal, Enviroco Ltd v Farstad Supply A/S, Eurosail, Neuberger MR, the Court of Appeal, PECO, the Court of Appeal, Issuer, Trustee, Eurosail Options Ltd, Trustee, Trustee, Security, Trustee, Trustee, OptionCo, OptionCo, PECO, the Event of Default, Prospectus, Instruments, Issuer, Collateral Security, Issuer, PECO, PECO, Issuer, Issuer, Issuer, Issuer, PECO, Issuer, Issuer, Issuer, PECO, Issuer, PECO, Issuer, Issuer, Prospectus, Issuer, Trustee, Issuer, Issuer, PECO, PECO, Issuer, Issuer, Conditions, Issuer, PECO, Issuer, Issuers, Event of Default, PECO, Issuer, PECO, Issuer, Rainy Sky SA, Kookmin Bank, Neuberger MR

WORK_OF_ART: Eurosail, Noteholders, A3 Noteholders, A2 Noteholders, LBHI, Condition 9(a, the A Noteholders, pari passu, Commons Amendment, OptionCo

NORP: Issuer, Australian, Issuer, Issuer, Issuer, Loans, Issuer, Issuer, Security, Issuer, Issuer, Issuer, Issuer, Issuer, Issuer, Issuer

PRODUCT: Notes, Notes, Notes, A1, Notes, Notes, Notes, Notes, A1, Notes, Notes, Notes, the A2b Notes, the A3 Notes, Notes, Notes, Notes, Notes, Notes, Notes, Notes, Notes, Notes, Notes, Notes, Notes, Notes, Notes, BCLC 865, LR 9 Eq, BCLC 261, BCLC 232, BCLC 261, Notes, Notes, Notes, Notes, Notes, Notes, Notes, Notes, Notes, Notes, Notes

EVENT: Condition 2(h, Condition 2(h, the 1986 Act, Condition 2(h

LOC: Conditions

ORDINAL: first, secondly, thirdly, first, first, first, first, second, second, first, third, 4th, first, first, 3rd, First, Second, Third, Fourth, second, third, first, Secondly, Thirdly

PERCENT: 0.07%, Notes to 4%, at least 25%, 35% to 37%, less than 17%, 1.5%

LANGUAGE: English, English

FAC: Clauses 8, Noteholder