Court of Appeal judgment: Burlington Loan Management and others v Lomas and others (as the joint administrators of Lehman Brothers International (Europe) (in administration)) [2017] EWCA Civ 1462

Summary and background

The European Union Court of Justice ("EUCJ") has issued a judgment dated 10 November 2016 in the Matter No C-156/15 (Private Equity Insurance Group SIA ("SIA") v Swedbank AS) in response to a request for a preliminary ruling from the Supreme Court of Latvia, the country in which the bank Swedbank AS is based.

On 23rd November 2016, the European Commission released a package of banking legislation reforms. Some of these were expected in particular those related to the minimum requirement for eligible liabilities and own funds (MREL) under the Bank Recovery and Resolution Directive (BRRD) and the implementation of the Financial Stability Board's (FSB) total loss absorbing capacity (TLAC) principles into the MREL requirements.

The European Union Court of Justice states that pledges over bank accounts are not resistant to insolvency procedures if the account holder can dispose of the monies deposited in the account

The European Union Court of Justice ("EUCJ") has issued a judgment dated 10 November 2016 in the Matter No C-156/15 (Private Equity Insurance Group ("SIA") v Swedbank AS) in response to a request for a preliminary ruling from the Supreme Court of Latvia, the country in which the bank Swedbank AS is based.

WATERFALL IIC JUDGMENT (ISDA MASTER AGREEMENT ISSUES)1

The process of Brexit will take years, and the implications for our clients' businesses will unfold over time. Our MoFo Brexit Task Force is coordinating Brexit-related legal analysis across all of our offices, and working with clients on key concerns and issues, now and in the coming weeks and months. We will also continue to provide MoFo Brexit Briefings on a range of key issues. We are here to support you in any and every way that we can.

Go West

1 │ © 2016 Morrison & Foerster (UK) LLP | mofo.com ATTORNEY ADVERTISING 7 July 2016 BREXIT: IMPACT ON RESTRUCTURING AND INSOLVENCY FOR COMPANIES By Sonya Van de Graaff, Peter Declercq, and Howard Morris The process of Brexit will take many years, and the implications for our clients’ businesses will unfold over time. Our MoFo Brexit Task Force is coordinating Brexit-related legal analysis across all of our offices, and working with clients on key concerns and issues, now and in the coming weeks and months. We will also continue to provide MoFo Brexit Briefings on a range of key issues.

The process of Brexit will take many years, and the implications for our clients’ businesses will unfold over time. Our MoFo Brexit Task Force is coordinating Brexit-related legal analysis across all of our offices, and working with clients on key concerns and issues, now and in the coming weeks and months. We will also continue to provide MoFo Brexit Briefings on a range of key issues. We are here to support you in any and every way that we can.

Following the referendum…and after Brexit

What showing must creditors make to be granted the right to prosecute claims on behalf of the bankruptcy estate?

When a bankrupt company’s most valuable assets include consumer information, a tension arises between bankruptcy policy aimed at maximizing asset value, on the one hand, and privacy laws designed to protect consumers’ personal information, on the other.