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Narine Lalafaryan's picture

Email

nl334@cam.ac.uk

Education CV

  • PhD Candidate, Hogan Lovells Scholar, University of Cambridge (Sidney Sussex) 
  • Harvard Law School - University of Cambridge, Academic Exchange Scholar 
  • Max Planck Institute for Comparative and International Private Law (Hamburg) - University of Cambridge, Academic Exchange Scholar 
  • Master of Law (LL.M.), Faculty of Law, University of Cambridge (Clare Hall) 
  • Master of Law (LL.M.) studies (one academic year), College of Humanities & Social Sciences, American University of Armenia (AUA) 
  • Bachelor of Law (LL.B.), Faculty of Law, Yerevan State University (YSU) 
  • Diploma from the School of Advocates of The Republic of Armenia (Civil Law and Civil Procedure specialisation) 
  • Advocate of The Chamber of Advocates of The Republic of Armenia, Licence ID: 2416

AWARDS and SCHOLARSHIPS:

  • Hogan Lovells PhD Studentship in English Private Law (full, merit-based) (Cambridge PhD)
  • Armenian Bar Association | Vicken I. Simonian Memorial Scholarship (merit-based) (Cambridge PhD)
  • Armenian International Women's Association Scholarship (merit-based) (Cambridge PhD)
  • MPl Hamburg - University of Cambridge, Scholarship (Cambridge PhD)
  • International Bar Association (London) | IBA Trust Scholarship | Legal Policy & Reseach Unit
  • Cambridge Commonwealth, European & International Trust (Cambridge LL.M.)
  • Luys Foundation Scholarship of The President of The Republic of Armenia (merit-based) (Cambridge LL.M.)
  • Pegasus Trust Scholarship of The Honourable Society of the Inner Temple (merit-based) (Cambridge LL.M.)
  • Clare Hall Scholarship, University of Cambridge (Cambridge LL.M.)
  • Hirair and Anna Hovnanian Foundation Scholarship (Cambridge LL.M.)
  • Armenian General Benevolent Union Scholarship (Cambridge LL.M.)
  • Soroptimist International of Europe Scholarship (Cambridge LL.M.)
  • AUA Scholarship for Academic Excellence (merit-based) (AUA LL.M.)
  • Vartkess Balian Award AUA LL.M. Nominee (AUA LL.M.)
  • Ministry of Science and Education of the Republic of Armenia Full Scholarship for Academic Excellence (merit-based) (YSU LL.B.)
  • Ministry of Science and Education of the Republic of Armenia Stipend for Academic Excellence (merit-based) (YSU LL.B.)

ACADEMIC and RESEARCH EXPERIENCE: 

  • European Commission (EU), Directorate‑General for Financial Stability, Financial Services and Capital Markets Union (DG FISMA), Capital Markets Union, "Analysis of Individual and Collective Loan Enforcement Laws in the EU Member States" report (2019). Research Assistant to Dr Felix Steffek (University of Cambridge). Provision of legal research assistance and leximetric data coding. (https://ec.europa.eu/info/publications/191203-study-loan-enforcement-law...)
  • Research Assistant, Machine Learning Project, Cambridge Centre for Business Research (CBR), University of Cambridge (2021)
  • Graduate Teaching Assistant, LL.M. Corporate Finance Law (Debt Finance), (2019-2020), Faculty of Law, University of Cambridge
  • Company Law Supervisor, BA Tripos Law, (Part II), (2020-2021) (2019-2020), Sidney Sussex College, University of Cambridge
  • Graduate Teaching Assistant, LL.M. Corporate Finance Law (Debt Finance), (2018-2019), Faculty of Law, University of Cambridge
  • Law Admissions Interviewer (2020-2021), Newnham College, University of Cambridge
  • Guest Speaker for LL.M. corporate finance students, University College London (UCL), Faculty of Laws (2021)

PROFESSIONAL EXPERIENCE:

  • Legal Counsel, ZCMC CJSC/CRONIMET GRUPPE 
  • Legal Researcher (volunteer), International Bar Association, Legal Policy & Research Unit (LPRU) 
  • Pegasus Scholar/Lawyer, South Square chambers, The Honourable Society of Gray's Inn 
  • Pegasus Scholar/Lawyer, No5 Chambers (London), The Honourable Society of the Inner Temple 
  • Pegasus Scholar/Lawyer, 11KBW chambers, The Honourable Society of the Inner Temple 
  • Junior Associate, Harutiunian & Partners Law Firm LLC 

MEMBERSHIPS and BAR ADMISSION

  • Life Member, Clare Hall College, University of Cambridge
  • Member, The Society of Legal Scholars
  • Licensed Advocate of the Chamber of Advocates of the Republic of Armenia
  • Benjamin Franklin Fellow (Alumna) of the Benjamin Franklin Transatlantic Fellowship

GRANTS:

  • Youth in Charge Civic Engagement Seminar, Wake Forest University, North Carolina, Benjamin Franklin Transatlantic Fellowship
  • Young European Peers (Berlin, Germany), (Brussels, Belgium) Youth in Action Programme, The European Commission, European Union (joint grant with other co-founders)

OTHER EXPERIENCE:

  • Pegasus Scholar, The Honourable Society of the Inner Temple (Pegasus Trust founded by Lord Goff)
  • Co-founder, Organiser, Teacher, Young European Peers, Youth in Action Programme, The European Commission, European Union
  • Benjamin Franklin Scholar, Benjamin Franklin Transatlantic Fellowship, The United States Department of State (Wake Forest University)

 

Fields of research

  • Law and Finance
  • Corporate Finance
  • Debt Finance
  • International Corporate Transactions (Deals)
  • Law and Economics 
  • Comparative Corporate Law
  • International Financial Law
  • Game Theory

 

Material Adverse Change Doctrine in the English Law of Debt Finance

Summary

The global financial crisis, terrorist attacks, wars, natural catastrophes, and COVID-19 from a legal and economic perspective all have one thing in common: they are potentially “material adverse change” events – unpredictable and with severe consequences for the global economy. To protect themselves from such events, businesses in economically valuable and complex agreements include special provisions, called “Material Adverse Change” (“MAC”) clausesThey provide a contractual party the opportunity to evade its contractual obligations in the event of such unforeseen developments, to terminate the agreement without any compensation or penalty payments, if it can prove a significant negative effect. When the prospects for business are dark, desperate lenders and buyers seek to rely on this function of MAC clauses to avert disaster. 

My doctoral research examines the Material Adverse Change doctrine in the English law of debt finance – a concept that despite its enormous importance for creditor protection worldwide is not well understood. The aim of the research is to understand whether MAC clauses are the ultimate contractual protection tools for creditors by employing doctrinal, functional-comparative, and interdisciplinary law-and-economics methods.

Supervisors

Supervisor: Dr Felix Steffek

Advisers: Prof Louise Gullifer QC, Prof Marc Moore

Examiners

First-year examiners:

Prof Simon Deakin

Prof Marc Moore

Start Date

Oct 2018

End date

Sep 2021

Publications

 

Articles

"Material Adverse Change uncertainty: costing a fortune if not corporate lives " (2021), Journal of Corporate Law Studies, 21:1, 39-84

Citation:
(2021), Journal of Corporate Law Studies, 21:1, 39-84
DOI:
https://doi.org/10.1080/14735970.2020.1781484
Published: Mar 2021

Blog Posts

Conference Papers

"Orchestrating Finance with Material Adverse Changes " (The 2021 Society of Legal Scholars Annual Conference | Banking & Financial Services Law | Main Programme | Working Paper (forthcoming))

Conference:
The 2021 Society of Legal Scholars Annual Conference | Banking & Financial Services Law | Main Programme | Working Paper (forthcoming)
Published: Forthcoming