London Central Services Ltd specialises in providing process agency services in England as well as other jurisdictions.
[ClickPress, Thu Jan 03 2013] In order to start English court procedures correctly, it is necessary to serve court papers to the relevant transaction party. If a transaction party does not have a physical presence or address within England, the process for serving these court papers can be very lengthy and cumbersome, as they will have to be served abroad (where the relevant transaction party has its presence). It is therefore a market standard, and in many instances a requirement by transaction parties, that each transaction party with no presence or representation in England appoints a process agent in England, and agrees that service at the address of its process agent will constitute proper service for the purposes of the court procedures.
The role of a process agent can be vital for cross-border transactions under English law. When any of the transactions parties are not present or represented in England, they may need a process agent. Cross-border transactions that are frequently subject to English law are loans (bilateral or syndicated), swaps (ISDA), credit facilities, leasing agreements, and other types of funding instruments.
For instance, assume a borrower located in France receives a loan subject to English law. The lender would typically require the French borrower to appoint a process agent in England in order to receive court papers on behalf of the French borrower, should court proceedings become necessary.
In addition, a process agent can also act in a broader capacity for the appointing company, including acting as a process agent for receiving documents in connection with arbitration proceedings and receiving notices under contracts where an independent party is needed.
London Central Services is a business support and advisory company, delivering a comprehensive range of business services, together with its correspondent firm with over 40 years of experience. Please visit our process agency page on www.londoncentralservices.co.uk/process-agent-england.