Belvedere case clarifies French insolvency law

Author: | Published: 13 Oct 2011

A Cour de Cassation’s ruling on the Belvedere case has clarified that a trustee can be the legitimate filer in order to determine whether he is a creditor or an agent.

The decision represents a victory for noteholders in the country and is expected to promote international loans for French companies.

The case centred on the Bank of New York Mellon (BNYM), advised by Fried Frank, which was acting as trustee for a number of noteholders pursuant to an indenture...