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09 Jun 2023

Who is the Noteholder? (A reprise)

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The recent decision of Re Shinsun Holdings (Group) Co., Ltd, handed down by the Grand Court of the Cayman Islands, is likely to cause ripples throughout the international debt capital markets. It follows a previous judgment of the English courts which applied the "no look through" principle strictly, even where doing so had the effect of preventing ultimate investors from progressing action against the issuer following a default. The case flags the importance of ensuring that bond documentation is drafted correctly at the outset of a transaction and includes the mechanisms required to mitigate the effect of the "no look through" principle.

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