Friday, the Arizona Department of Financial Institutions closed Towne Bank of Arizona, headquartered in Mesa, Arizona, and the FDIC was appointed receiver.

NEW RULES ON PRE-ADMINISTRATION COSTS

Insolvency Practitioners have been eagerly awaiting the implementation on 6 April 2010 of the Insolvency (Amendment) Rules 2010 (“New Rules”). In addition to the many modernising changes made by the New Rules is the long awaited inclusion of what was believed to be a statutory entitlement to recover pre-appointment costs such as in negotiating a pre-pack. as an expense of the administration (New Rule 2.67(1)(h)).

Yesterday the Joint Forum, a group established in 1996 by the Basel Committee on Banking Supervision (BCBS), the International Organization of Securities Commissions (IOSCO) and the International Association of Insurance Supervisors (IAIS) to deal with issues common to the banking, securities, and insurance sectors, released “Review of the Differentiated Nature and Scope of Financial Regulation – Key Issues and Recommendations”, which addresses key issues and recommendations on the differenti