Financial collateral arrangements: lessons from Cukurova

Examines the wider significance of the British Virgin Islands High Court ruling in Alfa Telecom Turkey Ltd v Cukurova Finance International Ltd, on whether a lender had appropriated charged shares on default by the borrower merely by sending a letter to the borrower giving notice of appropriation although the shares remained registered in the borrower's name. Discusses financial collateral, appropriation, security interests, title transfer collateral arrangements, the interpretation of the Financial Collateral Arrangements (No.2) Regulations 2003 and Directive 2002/47, and the roles of doctrine and pragmatism in judicial decision-making.