High Court rules on “continuing” status of Lehman Brothers ISDA Events of Default in the context of Section 2(a)(iii)

The team at Ashurst summarise the latest piece of Lehman Brothers litigation, where the English High Court considered whether a party that has been relying on a company’s administration as an event of default to justify non-payment under an agreement can continue to rely on that default once the company later exists administration as a solvent company. 

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