UCL Discovery
UCL home » Library Services » Electronic resources » UCL Discovery

RELIEF OF FORFEITURE: EQUITY’S ANOMALOUS INTERVENTION FOLLOWING AN EVENT OF DEFAULT

Kokkinoftas, Michael; (2016) RELIEF OF FORFEITURE: EQUITY’S ANOMALOUS INTERVENTION FOLLOWING AN EVENT OF DEFAULT. UCL Journal of Law and Jurisprudence , 5 (2) , Article 3. 10.14324/111.2052-1871.072. Green open access

[img]
Preview
Text
Forfeiture.pdf

Download (605kB) | Preview

Abstract

In the wake of the global financial crisis, borrowers found it increasingly challenging to obtain finance. Once credit had dried up, the pendulum swayed in favour of lenders during loan negotiations. In an effort to avoid and terminate unprofitable loan agreements, major banking institutions relied heavily on the punitive provisions that were set out in loan contracts, particularly the draconian material adverse change clause. Against this background, this paper analyses the material adverse change clause with particular reference to case law. It also examines defences that a borrower can seek to rely on in court, following the Turkish case of Cukurova Finance. The paper considers the doctrine of relief of forfeiture in the context of loan agreements and argues that it is a remedy a borrower should seek to raise in court. The doctrine permits a borrower to mitigate the severity of punitive clauses when an event of default is triggered.

Type: Article
Title: RELIEF OF FORFEITURE: EQUITY’S ANOMALOUS INTERVENTION FOLLOWING AN EVENT OF DEFAULT
Open access status: An open access version is available from UCL Discovery
DOI: 10.14324/111.2052-1871.072
Language: English
UCL classification: UCL > Provost and Vice Provost Offices > UCL SLASH > Faculty of Laws
URI: https://discovery.ucl.ac.uk/id/eprint/1515992
Downloads since deposit
771Downloads
Download activity - last month
Download activity - last 12 months
Downloads by country - last 12 months

Archive Staff Only

View Item View Item