With the passing of the Moveable Transactions (Scotland) Act (MTSA) (likely to pass into law in 2024) the way in which we take security over rights and assets in Scotland will be brought firmly into the 21st century, doing away with the need to rely on statutes from as long ago as 1862 and a smattering of case law which has fostered uncertainty in the market for almost as long.
The media is brimming with articles on the rise of cryptocurrencies and digital assets. Whether it’s news on the rising value of Bitcoin, the acquisition of digital art for large amounts of money, the release of the latest Kings of Leon album as an NFT (non fungible token), or articles on people who have invested in cryptocurrency scams, crypto assets are taking center stage.
Law 1676 of 2013 (Secured Interest Law), which came into effect in 2014, has substantially affected the legal scope of creditors’ rights in the context of insolvency proceedings (reorganization and liquidation). In particular, the law has potentially created a new type of creditor; the secured creditor, which has rights that differ from those creditors included in the creditor hierarchy in the Civil Code and the Corporate Insolvency Law.
The EU Directive on restructuring and insolvency was published in the OJEU on Wednesday. Members states have until 17 July 2020 to implement it, and this includes the UK as it stands: the UK has much – but not all – of it already. The UK Government has its own plans for reforming insolvency law of course, including to re-introduce Crown Preference. It is mostly about creating a rescue framework.
On July 31, 2018 the International Swaps and Derivatives Association published the ISDA 2018 US Resolution Stay Protocol (the US Protocol). The US Protocol is intended to enable parties to ISDA Master Agreements and similar Protocol Covered Agreements (PCAs) to contractually recognize the cross-border application of special resolution regimes applicable to global systemically important entities and their affiliates.
In this article, we provide a broad overview of the US Protocol and relevant resolution stay rules, then describe the effect and operation of the US Protocol.
On April 15, 2019, President Petro Poroshenko signed the Code on Bankruptcy Proceedings. The text of the law was officially published on April 20 and is available in Ukrainian. The new law aims to strengthen the rights of creditors, improve the procedure of debtors’ assets sale at bankruptcy auctions, provide clear mechanisms for restoring solvency of debtors, and enhance the overall efficiency of bankruptcy proceedings.
After years of Spanish non-performing loan (NPL) sales, a significant hurdle preventing purchasers from enforcing the underlying loans has now been removed.
On 01 November 2018, the President of Ukraine signed the Law "On Amendments to Certain Legal Acts of Ukraine on Resumption of Lending" (the “Law”) adopted by the Verkhovna Rada of Ukraine on 03 July 2018. The Law eliminates most of legislative gaps that existed in the loan and mortgage legal environment of Ukraine.
In this connection the Law introduced several significant changes that can be considered as rather positive for borrowers, inter alia, it:
On July 31, 2018, the International Swaps and Derivatives Association published the ISDA 2018 US Resolution Stay Protocol. The US Protocol is intended to enable parties to ISDA Master Agreements and similar "Protocol Covered Agreements" (collectively, PCAs) to contractually recognize the cross-border application of special resolution regimes applicable to global systemically important entities and their affiliates.
In this alert, we provide a broad overview of the US Protocol and relevant resolution stay rules, then describe the effect and operation of the US Protocol.
The Fed and the FDIC, in an August 30 joint press release, announced that they are extending the filing deadline for Prudential Financial Inc. and four major foreign banking organizations to submit their resolution plans. Prudential Financial, a designated nonbank SIFI pursuant to Dodd-Frank, will now have until December 31, 2019, to submit its living will, a year later than previously required (and following previous extensions).