Closing A Distressed Debt Trade Over The Phone - The Binding Basics
Mondaq Business Briefing › United Kingdom Law Articles in English (2007)
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Closing A Distressed Debt Trade Over The Phone - The Binding Basics
The High Court provided some extremely useful guidance in relation to oral contracts in the context of distressed debt trading in the decision of Bear Stearns Bank plc v Forum Global Equity Ltd [2007] EWHC 1576 (Comm) handed down last week.
For participants in financial markets generally where it is the norm to reach agreement orally after telephone negotiations, this decision provides welcome assurance that once material terms are agreed, such agreements are not easily avoided by claims of uncertainty or incompletene...See the full content of this document
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