This article is intended to compliment an article entitled “Subscription-Secured Financings: Enforcement vs. Perfection” authored by Ellen McGinnis, Timothy Powers and Deborah Low in 2018 which related to the position of enforcement and perfection in the US (with a focus on the State of New York). In this article we will focus on subscription finance deals in the European market and what steps are required to protect a secured lender. As the majority of funds that we see as borrowers in the European market are domiciled in a number of offshore jurisdictions, this article considers what is required to perfect security in the Cayman Islands, the Channel Islands and Luxembourg, as well as England and Wales.
To read the full article, please see the PDF linked below.
Subscription-Secured Financings: Enforcement vs. Perfection (European Deals Edition