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''Belmont Park Investments Pty Ltd v BNY Corporate Trustee Services Ltd and Lehman Brothers Special Financing Inc'' is a UK insolvency law case, concerning the general principle that parties cannot contract out of the insolvency legislation. The principle has two key aspects, of which the Supreme Court of the United Kingdom ruled that only the first was relevant on the facts of the case: #The anti-deprivation rule, which is aimed at attempts to withdraw an asset on bankruptcy or liquidation or administration, thereby reducing the value of the insolvent estate to the detriment of creditors. #The ''pari passu'' rule, which reflects the principle that statutory provisions for ''pro rata'' distribution may not be excluded by a contract which gives one creditor more than its proper share. ==Facts== Lehman Brothers, prior to its 2008 filing for bankruptcy protection under Chapter 11 of the United States Bankruptcy Code, created a package of 19 special purpose vehicles (including Lehman Brothers Special Financing Inc) known as the "Dante Programme." They issued 180 series of notes with an aggregate principal amount of $12.5 billion. The complex documentation relating to the series of transactions included provisions relating to: : * credit default swap agreements, : * consequential reduction of the principal amount upon certain specified "Credit Events" : * claims of LBSF and the Noteholders were limited to the collateral amount, and there was no right of recourse against the issuer : * the respective priorities of LBSF and the Noteholders in the "Event of Default" or otherwise (ie, LBSF had priority in the first case, and the Noteholders would have it in the second, and the clause was referred to as "the Flip") A group of 29 Australian investors, headed by Belmont, instructed BNY Corporate Trustee Services Ltd, the trustee for several of the notes in question, to have the issuer of the notes cancel the swap agreement. The Belmont group, together with Perpetual Trustee Co Ltd (another noteholder) launched claims against BNY to realise upon the collateral over any priority held by LBSF under the agreement. LBSF was joined as a party to the action. 抄文引用元・出典: フリー百科事典『 ウィキペディア（Wikipedia）』 ■ウィキペディアで「Belmont Park Investments Pty Ltd v BNY Corporate Trustee Services Ltd」の詳細全文を読む スポンサード リンク
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