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Banking & Finance

30 August 2018 | Flore Foyatier

Preventing the enforcement of a first demand guarantee within a few weeks’ time: Story of a successful case

To prevent the abusive and imminent enforcement of a first demand guarantee, Soulier AARPI, represented by Mrs. Catherine Nommick, Ms. Flore Foyatier and Ms. Isabelle Cottin, obtained in less than a week an injunction from the President of the Commercial Court of Paris who ordered the bank to suspend the payment of the funds under […]

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30 October 2017 | Catherine Nommick

A new legal framework for debt financing

In the wake of the wave of modernization and transparency of the French economic life triggered by the so-called “Sapin II” Law, in particular as regards the financing of the economy, Ordinance n°2017-1432 of October 4, 2017 reshapes the legal framework for asset management and debt financing. The objective is to respond to businesses’ needs […]

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30 May 2017 | Catherine Nommick

A new status for Security Agents under French law

Ordinance n°2017-748 of May 4, 2017 adopted in furtherance of the so-called “Sapin II” Law on transparency, fight against corruption and modernization of the economy, adds a new element to the concept of Security Agent in the context of syndicated loans, thereby offering banks and other institutions an efficient and secure device comparable to what […]

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27 April 2017 | Catherine Nommick

Brexit: What future for MiFID II?

Countdown to Brexit started on March 29, 2017, date on which Theresa May officially notified the Chair of the European Council of the United Kingdom’s intention to leave the EU. This notification launches two years of tough negotiations at the end of which the United Kingdom and the European Union must agree on the terms […]

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31 March 2017 | Catherine Nommick

A first demand guarantee is not transferrable when the beneficiary of such guarantee is split-up

In a decision dated January 31, 2017, the Commercial Chamber of the Cour de Cassation (French Supreme Court) held that “unless otherwise agreed upon between the parties, the first demand guarantee, that does not follow the guaranteed obligation, is not transferred in case of a split-up”. This position has already triggered many comments and conflicting […]

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31 March 2016 | Flore Foyatier

Guarantees: The guarantor’s commitment must not be grossly disproportionate to his/her assets

In a decision dated January 26, 2016, the Commercial Chamber of the Cour de Cassation (French Supreme Court) provided clarification on the conditions in which Article L.341-4 of the French Consumer Code should be applied. Specifically, it ruled that “the shares and the current account receivable held by the guarantor in the company that is […]

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