Concord Trust (Original Appellants and Cross-respondents) v. Law Debenture Trust Corporation plc (Original Respondents and Cross-appellants) (HTML version), (2005)

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Concord Trust (Original Appellants and Cross-respondents) v. Law Debenture Trust Corporation plc (Original Respondents and Cross-appellants) (HTML version), (2005)

HOUSE OF LORDS

SESSION 2004-05

[2005] UKHL 27

on appeal from: [2004]EWCA Civ 1001

OPINIONS

OF THE LORDS OF APPEAL

FOR JUDGMENT IN THE CAUSE

Concord Trust (Original Appellants and Cross-respondents)

v.

Law Debenture Trust Corporation plc (Original Respondents and Cross-appellants)

ON

THURSDAY 28 APRIL 2005

The Appellate Committee comprised:

Lord Steyn

Lord Hoffmann

Lord Hutton

Lord Scott of Foscote

Lord Walker of Gestingthorpe

HOUSE OF LORDS

OPINIONS OF THE LORDS OF APPEAL FOR JUDGMENT

IN THE CAUSE

Concord Trust (Original Appellants and Cross-respondents) v. Law Debenture Trust Corporation plc (Original Respondents and Cross-appellants)

[2005] UKHL 27

LORD STEYN

My Lords,

1.  I have had the advantage of reading the opinion of my noble and learned friend Lord Scott of Foscote. I agree with it. For the reasons given by Lord Scott I would make the order which he proposes.

LORD HOFFMANN

My Lords,

2.  I have had the advantage of reading in draft the speech of my noble and learned friend Lord Scott of Foscote. For the reasons he gives, with which I agree, I would make the order which he proposes.

LORD HUTTON

My Lords,

3.  I have had the advantage of reading in draft the opinion of my noble and learned friend Lord Scott of Foscote. I agree with it and for the reasons which he gives I would make the order which he proposes.

LORD SCOTT OF FOSCOTE

My Lords,

The Issues

4.  This appeal requires two issues to be decided. The first is a short point of construction of Condition 12 of the terms ("the Bond Terms") applicable to a Eurobond issue of _510 million 2 per cent bonds ('the Bonds') which fall due for payment in December 2005. The Bonds were issued in 1999 by Elektrim Finance BV ("Elektrim Finance") and guaranteed by Elektrim Finance's parent company, Elektrim SA. When it is not necessary to distinguish between the two companies I will, for convenience, refer to them together as "Elektrim". In November 2002 the Bonds were restructured, the principal su...

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