Material adverse change event established and appropriation not invalid but relief from forfeiture available (Privy Council) | Practical Law

Material adverse change event established and appropriation not invalid but relief from forfeiture available (Privy Council) | Practical Law

In Cukurova Finance International Limited and Cukurova Holding AS v Alfa Telecom Turkey Ltd [2013] UKPC 2 (30 January 2013), the Privy Council examined whether the material adverse change event of default in a facility agreement had been established, whether the exercise of the remedy of appropriation had been vitiated by bad faith or improper purpose and whether the equitable remedy of relief from forfeiture was available.

Material adverse change event established and appropriation not invalid but relief from forfeiture available (Privy Council)

by PLC Finance
Published on 14 Feb 2013 • England, Wales
In Cukurova Finance International Limited and Cukurova Holding AS v Alfa Telecom Turkey Ltd [2013] UKPC 2 (30 January 2013), the Privy Council examined whether the material adverse change event of default in a facility agreement had been established, whether the exercise of the remedy of appropriation had been vitiated by bad faith or improper purpose and whether the equitable remedy of relief from forfeiture was available.
Jonathan Lawrence of K&L Gates LLP has commented on the decision for PLC Finance.