Talking about liability management exercises in Europe is interesting stuff for advisers, but we’ve not seen them occur with the frequency that many people thought a few months ago. Why is that?

As we continue to work with clients regarding the Bank of England’s statement as to its intention to apply to place Silicon Valley Bank UK Limited (SVB UK) into a bank insolvency procedure, please see below for responses to some frequently asked questions surrounding the current situation. Please note that this list covers general topics related to rapidly changing circumstances.

As 2023 gets underway, we've taken the opportunity here to look at what we saw in the European distressed market in 2022, as well as looking ahead to what we expect to see in the months to come.

Payment Orders were originally introduced in the CPC as a fast track route for creditors holding a financial instrument, such as a letter of credit or cheque, to obtain judgment against their debtor for what is a simple and indisputable debt. Payment Orders were rarely issued by the onshore UAE courts. In 2018, Cabinet Resolution No 57 of 2018 (the “2018 Cabinet Resolution”) significantly expanded the scope of application of Payment Orders by extending them to all admitted debts rather than simply those arising out of financial instruments only.