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HETA ASSET RESOLUTION AG: Austrian Financial Market Authority imposes temporary debt moratorium

By an ordinance (Mandatsbescheid) issued on March 1, 2015, the Austrian Financial Market Authority (“FMA”) has initiated the resolution of HETA ASSET RESOLUTION AG (“HETA”). HETA is the “bad bank” that was established to assume and manage large parts of the Austrian Bank Hypo-Alpe-Adria, which was required to be resolved in accordance with EU regulations. HETA is 100 percent owned by the Republic of Austria, and it currently manages assets worth approximately EUR 18 billion.

Australia, Banking, Insolvency & Restructuring, Mayer Brown
EU draft crisis management directive requires banks to implement recovery plans

Overview

European Union, Banking, Insolvency & Restructuring, Mayer Brown, Shareholder, Liquidation
Middle East briefing

Arbitration and insolvency law in Dubai - is there a link?

Try to imagine a legal system without an effective insolvency law, as in Dubai. How would creditors recover their entitlements? Does it lead to more arbitration activity? Does it explain why the Dubai International Arbitration Centre had over 300 new cases last year and why arbitration is increasingly used?

Insolvency law - is it really necessary?

United Arab Emirates, Arbitration & ADR, Insolvency & Restructuring, Mayer Brown, Bankruptcy, Debt, Liability (financial accounting)
Arbitration and insolvency law in Dubai— is there a link?

Dubai currently has no effective insolvency law. Try to imagine it: How would creditors recover their entitlements? Does it lead to more arbitration activity? Does it explain why the Dubai International Arbitration Centre received more than 300 new cases last year and why arbitration is increasingly used?

Insolvency Law—Is It Necessary?

United Arab Emirates, Arbitration & ADR, Insolvency & Restructuring, Mayer Brown, Bankruptcy, Margin (finance), Debt, Liability (financial accounting), Intangible asset, International Bar Association