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Silicon Valley Bank: What the 2nd Largest US Bank Failure Means for Policyholders

In the second largest US bank failure since the 2008 global financial crisis, the California Department of Financial Protection and Innovation took over Silicon Valley Bank (“SVB”) on March 10 and appointed the Federal Deposit Insurance Corporation (“FDIC”) as SVB’s receiver. Just two days later, the New York State Department of Financial Services took over another bank, Signature Bank, and appointed the FDIC as receiver. And, yesterday, the share price of various European banks plunged following record one-day selloffs.

USA, Banking, Insolvency & Restructuring, Hunton Andrews Kurth LLP, Venture capital, Due diligence, Insolvency, Federal Deposit Insurance Corporation (USA), US Department of the Treasury, HSBC, Silicon Valley Bank
Supreme Court Holds Mere Retention of Bankruptcy Debtor’s Property Is Not a Violation of the Automatic Stay but More Questions Remain

For the past few years, the federal circuit courts have struggled with the issue of whether a creditor retaining possession of bankruptcy estate property violates the automatic stay. For example, is a creditor required to automatically turn over a vehicle as soon as the bankruptcy petition is filed, or can the creditor retain possession of the vehicle while awaiting an order of the bankruptcy court adjudicating turnover in an adversary proceeding?

USA, Insolvency & Restructuring, Litigation, Bradley Arant Boult Cummings LLP