Standard Bank secures sale of claims against Georgian company
Clients Standard Bank Plc
Jones Day initially advised Standard Bank Plc in regard to a non-performing loan to a borrower in Georgia secured by other group companies. In an effort to recover some of the debt, Jones Day successfully applied for the administration of the English subsidiary and commenced two enforcement proceedings against two sets of secured assets in France. One of the enforcement proceedings recovered a substantial amount for Standard Bank Plc.
Subsequently, Standard Bank Plc secured a purchaser for its claims against the debtor. Jones Day acted for the Bank in the assignment of the underlying debt and security as well as the claims in insolvency proceedings in the UK, France and Georgia to the third party purchaser. The international nature of the transaction, particular with the formalities involved and a tight deadline, required much logistical coordination. As well as working with our Paris office, we also instructed Georgian counsel and a specialist French litigator.