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The UK’s Corporate Insolvency and Governance Bill - implications for firms in the commodity markets

The UK Department for Business, Energy and Industrial Strategy introduced the Corporate Insolvency and Governance Bill (the Bill)1 into Parliament on 20 May 2020. The Bill is due to proceed through Parliament on an accelerated timetable and is expected to come into force without changes towards the end of June 2020.

United Kingdom, Capital Markets, Company & Commercial, Derivatives, Insolvency & Restructuring, Reed Smith LLP, Corporate governance, Coronavirus, MiFID
Dealing with stressed counterparties: Section 2(a)(iii) of the ISDA Master Agreement and the “Out of the Money” position

In the light of increased volatility across many markets and disruptions to economic activity, parties to transactions that are subject to ISDA Master Agreements1 will need to think about what strategies they would adopt if an Event of Default occurs with respect to their counterparties.

Choices

USA, Derivatives, Insolvency & Restructuring, Litigation, Reed Smith LLP
Trademark licensing agreement is not subject to rejection in bankruptcy

Reversing both the bankruptcy court and the district court, the U.S. Court of Appeals for the Third Circuit held that a trademark licensing agreement had been substantially performed and was therefore not subject to rejection under §365(a) of the Bankruptcy Code. In re Exide Technologies, Case No. 08-1872 (3d Cir., June 1, 2010) (Roth, J.) (Ambro, J., concurring).

USA, Insolvency & Restructuring, Litigation, Trademarks, McDermott Will & Emery, Bankruptcy, Breach of contract, Liability (financial accounting), Concurring opinion, US Congress, US Code, United States bankruptcy court, Third Circuit