Cassini SAS -v- Emerald Pasture Designated Activity Company & others
Tuesday 30th November 2021
The 1st defendant appeals the order of HHJ Kramer (sitting as a High Court Judge) dated 27 August 2021, whereby he declared that the 1st defendant is in breach of the Senior Facilities Agreement “SFA” and ordered that they pay the claimant’s costs.
The applicant is subject to French Insolvency proceedings. These are main proceedings under the Recast European Insolvency Regulation, (EU) 2015/848 (‘the ‘Recast Insolvency Regulation’), which continues to apply in the UK. On 27 October 2020 the agent (acting on the instruction of the majority lenders, as defined under the SFA) requested from Cassini information and access to books, accounts, records and the management of the group. Cassini refused to comply contending that the effect of the Sauvegarde as a matter of French insolvency law is to render its obligations under the SFA unenforceable.