After depositors rushed to withdraw funds from Silicon Valley Bank (SVB), on Friday, March 10, 2023, the US bank was closed by the California Department of Financial Protection and Innovation (DFPI), and the Federal Deposit Insurance Corporation (FDIC) was named receiver of the closed bank.
USA, Banking, Insolvency & Restructuring, Cooley LLP, Federal Deposit Insurance Corporation (USA), HSBC, Silicon Valley Bank
The EAT's judgment
United Kingdom, Employment & Labor, Insolvency & Restructuring, Litigation, Gowling WLG, Contractual term, Bankruptcy, Debt, Liquidation, Prejudice, Transfer of Undertakings (Protection of Employment) Regulations 2006 (UK), Transfers of Undertakings Directive (2001/23/EC), Employment Appeal Tribunal
Pre-2006, it was always clear that TUPE applied to transfer employees working in a business when it was bought out of administration. However, changes in 2006 provided that the automatic transfer principle would not apply to any transfer of a business or undertaking where the transferor was the subject of bankruptcy proceedings, which had been 'instituted with a view to the liquidation of the assets of the transferor'.
United Kingdom, Employment & Labor, Insolvency & Restructuring, Litigation, Gowling WLG, Contractual term, Employment tribunal, Liquidation, Unfair dismissal, Transfer of Undertakings (Protection of Employment) Regulations 2006 (UK), Employment Appeal Tribunal