Publisher's Synopsis
Subordination of debt is a technique used increasingly by practitioners in the City of London. Through this process one creditor, secured or unsecured, agrees to rank after another. It is particularly relevant in situations such as ensuring priority between secured creditors (second mortgages), subordinated bond issues, etc.;This volume examines all the difficult areas of subordination, including its meaning and purpose, classes of subordination and set-off, terms of subordination agreement and "protective" clauses. A selection of precedents is included, along with a section on US law practice.
