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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DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

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