Having managed to undertake my first piece of business development last Friday by playing golf with a client and a couple of colleagues - all socially distanced of course - I then managed to avoid most of the news at the weekend.  

When Monday morning came and I logged on to my home desk I was therefore feeling rather chipper. Sadly the feeling didn't last long as I then read that:

The BEIS press release does not give much more by way of detail. However the notes to the release state:-

The Supreme Court handed down an important judgement last week in the case of BNY Corporate Trustee Services Limited v Eurosail - UK 2007 - 3BL PLC ("the Eurosail Case"), which needs to be considered by anyone who is a party to a contract which contains events of default relating to the insolvency of a party to that contract.

Background

Yesterday, FDIC Chairman Sheila Bair, the keynote speaker at the Institute of International Bankers Cross-Border Insolvency Issues Conference in New York, stressed the need to end the “too big to fail” mentality by “eliminating the belief that the government will always support large, interconnected financial firms.” Chairman Bair noted that in order to do so, “we need an effective mechanism to close large, financial intermediaries when they get into trouble.”