Trust Me – A Security Trustee’s Duties to Subordinated Creditors Examined

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The recent judgment of Saltri III Ltd v MD Mezzanine S.A. Sicar & Ors1 relates to the 2010 non-consensual restructuring of the Stabilus Group. The judgment provides a helpful overview of the way fiduciary relationships operate in a secured financing and the effect of provisions allowing duties that would otherwise arise to be departed from by contract.

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