Companies that the Financial Stability Oversight Council (FSOC) believes may be subject to FDIC receivership under the Orderly Liquidation Authority contained in Title II of the Dodd-Frank Act, and certain of their affiliates, are now subject to recordkeeping requirements related to their “qualified financial contracts”1 (QFCs).
USA, Banking, Capital Markets, Insolvency & Restructuring, Dechert LLP, Depository institution, Federal Deposit Insurance Corporation (USA), Financial Stability Oversight Council, Dodd-Frank Wall Street Reform and Consumer Protection Act 2010 (USA)
A. THE PROBLEM
Many charities and associations have cash flow challenges, particularly in the current economic situation. They usually budget to break even financially. If some funding does not materialize as expected, they may be forced to close down. Their directors may be at financial risk as a result.
Canada, Employment & Labor, Insolvency & Restructuring, Non-profit Organizations, Borden Ladner Gervais LLP, Wage, Bankruptcy, Legal personality, Interest, Employment contract, Budget, Trade union, Wrongful dismissal, Debt, Liability (financial accounting), Common law, Joint and several liability, Severance package, European Space Agency, Corporations Act 2001 (Australia), Employment Standards Act 2000 (Ontario) (Canada), Canada Labour Code