Читать книгу Retos y desafíos de las garantías reales - Abel B. Veiga Copo - Страница 84

What is of interest here, however, is the evolution of the design of the CACs. They are constantly refined so that, as of now, four steps can be observed69. The history of CACs began in England in 1879. They were meant to protect the (super)majority in corporate bonds from hold-out strategies of the minority which were said to be based on “stupidity, fraud or greed”. These clauses, however, did not become very popular; in the U.S., CACs in corporate bonds were even forbidden there for a time in order to leave the restructuring process to the insolvency mechanisms.