In this article, we look at an interesting decision from the English Commercial Court concerning the implication of terms into guarantees, which may raise alarm bells for some parties in the maritime sector.
English High Court confirms that banks can enforce security by relying on breach of loan to value ratio covenant in ship finance agreement.
In a landmark ruling that has brought welcome clarity to a legal ‘hot topic’ that has been debated for many years, the English Court of Appeal has now upheld the first instance decision of the Admiralty Court in The Alkyon.