Jurisdiction(s):
United Kingdom

Related legal acts

Key definition

Enforcement definition

What does Enforcement mean? Enforcement is the practical process of making a court order, judgment, decree or arbitral award take effect when the party bound has not complied by the deadline. It involves applying for, and using, court-sanctioned measures to secure compliance or recover sums due, including where permission is required. The term is descriptive rather than a single statutory definition; the available remedies depend on the jurisdiction and the nature of the order. England and Wales: governed mainly by CPR Parts 70–73, including writ/warrant of control, third party debt orders, charging orders (and orders for sale), attachment of earnings, possession and delivery up, appointment...

Enforcement and restructuring of bonds under English law: trustee versus fiscal agent structures, no-action clauses, events of default, security, indemnities, global notes, bondholder meetings, CACs and CIGA 2020

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Practice notes

Who can enforce?

The ability to pursue enforcement against a bond issuer hinges on whether the bond issue uses a trustee or a fiscal agent. Where a trustee is appointed, the trustee will take enforcement action on behalf of all the bondholders. Where a fiscal agent is appointed, the bondholders themselves must enforce their rights against the issuer, as the fiscal agent plays no part in enforcement. The fiscal agent has no enforcement function. By contrast, the trustee acts collectively for holders when pursuing remedies. For details on the principal parties in a debt capital markets transaction, see Practice Note: Parties in an issue of debt securities. For further discussion of the differing considerations where an issue is structured with a trustee or a fiscal agent, see Practice Note: Parties in an issue of debt securities—Fiscal agent or trustee. If the bonds are issued in global rather than definitive form (as is almost always the case for debt securities offered in the international capital markets), the bearer or holder of the global note (that is, the bondholder) will be the Common Depository or Common Safekeeper for the international central securities depositories, Euroclear and Clearstream, Luxembourg (ICSDs). A global note is...

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Web page updated on 11/06/2026

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