Advocates Mathew Newman and Sam Dingle acted for the Joint Administrators of a Guernsey company (Company), which was a party to ongoing court proceedings in England.
The Joint Administrators applied to the Royal Court of Guernsey seeking an order that it issue a Letter of Request to the High Court of Justice of England and Wales, requesting the High Court to act in aid of and auxiliary to the Royal Court pursuant to section 426 of the Insolvency Act 1986 (1986 Act) in recognising the appointment of the Joint Administrators as administrators of the Company.
Yesterday, the United Kingdom’s Commercial Secretary to the Treasury launched a consultation on a new special-resolution regime, Special administration regime for investment firms, to strengthen the government’s ability to handle future insolvencies of failing investment banks to minimize cost and disruption of the overall national financial system.
Yesterday, Delaware Bankruptcy Judge Mary Walrath granted a request by Washington Mutual (WaMu) shareholders to appoint an independent examiner, to be chosen by the U.S. trustee, to review assets and claims in the company’s bankruptcy case related primarily to the 2008 seizure and sale of WaMu by the FDIC to JPMorgan Chase for $1.9 million.
Today, the Federal Deposit Insurance Corporation (FDIC) announced the closing of its previously announced sale of $233 million of notes backed by performing and non-performing commercial real estate (CRE) loans from 22 different financial institutions f
Friday, the Florida Office of Financial Regulation closed The Bank of Bonifay, headquartered in Bonifay, Florida, and the FDIC was appointed receiver. As receiver, the FDIC entered into a purchase and assumption agreement with First Federal Bank, headquartered in Lake City, Florida, to assume all of the deposits of The Bank of Bonifay.
Friday, the California Department of Financial Institutions closed 1st Pacific Bank of California, headquartered in San Diego, California, and the FDIC was appointed receiver.
Friday, the Minnesota Department of Commerce closed Access Bank, headquartered in Champlin, Minnesota, and the FDIC was appointed receiver. As receiver, the FDIC entered into a purchase and assumption agreement with Prinsbank, headquartered in Prinsburg, Minnesota, to assume all of the deposits of Access Bank.
Friday, the Arizona Department of Financial Institutions closed Towne Bank of Arizona, headquartered in Mesa, Arizona, and the FDIC was appointed receiver.
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