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Process Agent (English Law)
www.londoncentralservices.co.uk
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Description
Transaction parties are frequently located in different countries. These ‘cross-border’ transactions are frequently governed by English law. A process agent is required when a transaction party does not have a presence in England, but the transaction is subject to English law. If a transaction party does not have a presence or address within England, the process for serving these court papers can be very cumbersome. It is therefore a market standard that each transaction party with no presence in England will appoint a process agent in England, and agrees that service at the address will constitute service for court procedures. Cross-border transactions that are frequently subject to English law are loans, swaps, credit facilities, leasing agreements. For instance, assume a borrower locate d in Italy receives a loan subject to English law. The lender would usually require the borrower to appoint a process agent in England in order to receive court papers on behalf of the borrower, if court proceedings become necessary.
Domain
www.londoncentralservices.co.uk
Meta Keywords
Process Agent, Process Agent UK, Process Agent England
Date added
Saturday 08, 2013
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