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A view from Italy: new ‘composition with creditors’ in light of recent rules introduced by Article 33 of Law Decree No. 83 June 22, 2012

Law Decree No. 83/2012, providing “Urgent Measures for the Country's Development”

Law Decree No. 83 of 22 June 2012 (the “Decree”), effective as from 26 June 2012 and converted into law with amendments1, has introduced important measures aimed at stimulating the Italian economy (also referred to as “Decreto Sviluppo”).

The Decree, consisting of seventy articles, sets forth a heterogeneous set of rules, including, among other provisions, significant amendments to the Italian Bankruptcy Law.2

Italy, Insolvency & Restructuring, Greenberg Traurig LLP, Debtor, Title 11 of the US Code
UK Special Administration Regime

The UK Financial Services Authority (“FSA”) confirmed on 31 Oct. 2011 that MF Global UK Limited (“MF Global UK”) will be subject to the new Special Administration Regime (“SAR”).[1] This is the first time that the new regime, set out in The Investment Bank Special Administration Regulations 2011 (“SAR Regulations”)[2] has been invoked.

Background

United Kingdom, Banking, Insolvency & Restructuring, Schulte Roth & Zabel LLP, Futures contract, Investment banking, Best practice, Lehman Brothers cases, Pro rata, HM Treasury (UK), International Swaps and Derivatives Association, Lehman Brothers, FSA, Bank of England, National Commission on Fiscal Responsibility and Reform, Banking Act 2009 (UK)
U.K. Appeals Court expands scope of client money pool and universe of clients eligible for client money pool distributions

The U.K. Court of Appeal (the “Court of Appeal”) on Aug. 2, 2010, handed down a long-awaited decision regarding an appeal related to the scope of, and eligibility to receive distributions from, the Lehman Brothers Europe (International) (“LBIE”) pool of client money. Lehman Bros. Int. (Europe) (In Administration) v CRC Credit Fund Ltd. & Ors, [2010] EWCA Civ 917 (appeal taken from the Chancery Division) (U.K.).

United Kingdom, Banking, Insolvency & Restructuring, Litigation, Schulte Roth & Zabel LLP, Debtor, Dividends, Investment company, Pro rata, Lehman Brothers, FSA, Court of Appeal of England & Wales, High Court of Justice (England & Wales)
Claim resolution agreement, segregated assets, U.K. high court rulings

As previously described in our Alert of Oct.

United Kingdom, Insolvency & Restructuring, Litigation, Schulte Roth & Zabel LLP, Share (finance), Conflict of laws, Unsecured debt, Debt, Liquidation, Election, Pro rata, Lehman Brothers, High Court of Justice (England & Wales)