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UK Government consultation on a new insolvency regime for UK-authorised payment institutions and electronic money institutions

On 3 December 2020, the UK Government (HM Treasury) issued a consultation paper (the Consultation) setting out a proposal to implement a new “special administration regime” (the SAR) which it is proposed would apply to any insolvency of an authorised payment institution (a PI) or electronic money institution (an EMI).

United Kingdom, Company & Commercial, Insolvency & Restructuring, Bird & Bird LLP, Financial Conduct Authority (UK)
HM Treasury publishes consultation on a new insolvency regime for UK authorised payment institutions (PI) and electronic money institutions (EMI)

On 3 December 2020, HM Treasury published the Government's proposal to implement a new special administration regime for PIs and EMIs (PI and EMI SAR), a copy of which can be seen here.

United Kingdom, Insolvency & Restructuring, Bird & Bird LLP, Financial Conduct Authority (UK)
Second Liens Beware Delaware Bankruptcy Court Finds De Facto Claim Subordination Under Intercreditor Agreement

Executive Summary

On December 27, 2018, the United States Bankruptcy Court for the District of Delaware issued an opinion in In re La Paloma Generating Co., Case No. 16-12700 (Bankr. D. Del. Dec. 27, 2018) [Docket No. 1274], that should raise substantial concerns for junior secured creditors.

In particular, the La Paloma opinion determined that:

USA, Company & Commercial, Insolvency & Restructuring, Litigation, Weil Gotshal & Manges LLP, United States bankruptcy court