Belmont Park Investments Pty Limited v BNY Corporate Trustee Services Ltd [2011] UKSC 38

摘要

The insolvency of Lehman Brothers in September 2008 reignited interest in a principle of English insolvency law which has come to be known as the anti-deprivation principle. In July 2011, the Supreme Court handed down its decision in Belmont Park Investments Pty Limited v BNY Corporate Trustee Services Ltd. The decision was keenly anticipated in legal and structured finance circles. Yet the decision was something of a disappointment. Despite the complexity of the issues involved, the majority in the Supreme Court took a rather simplistic approach to the anti-deprivation principle. This note will analyse some of the key issues arising from the decision.