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    Law on restricting of financial institutions passed
    2010-11-18

    The German parliament (Deutscher Bundestag) has recently passed a law on the restructuring and dissolution of distressed financial institutions, establishing a sector-wide restructuring fund and extending the statute of limitations for the liability board members (Restructuring Act).

    Filed under:
    Germany, Banking, Insolvency & Restructuring, Freshfields Bruckhaus Deringer, Statute of limitations, Board of directors, Distressed securities, Bundestag
    Location:
    Germany
    Firm:
    Freshfields Bruckhaus Deringer
    New financial services firms have to contribute for Phoenix insolvency
    2009-04-27

    Generally, financial services firms in Germany (Finanzdienstleistungsinstitute) are mandatory members of a protection scheme (Entschädigungseinrichtung der Wertpapierhandelsunternehmen - EdW). Members of this protection scheme are obliged to make regular financial contributions.

    In 2005 Phoenix Kapitaldienst GmbH became insolvent and the EdW is due to pay out to Phoenix investors compensation which totals more than 100 million Euros. However, the EdW has insufficient funds to cover the entire amount due.

    Filed under:
    Germany, Banking, Capital Markets, Insolvency & Restructuring, Insurance, Norton Rose Fulbright, Legal personality, Option (finance), Deposit insurance, Consensus decision-making, Federal Financial Supervisory Authority (Germany)
    Authors:
    Charles Evans , Dorian Drew , Harald Glander , Jonathan Herbst , Peter Snowdon
    Location:
    Germany
    Firm:
    Norton Rose Fulbright
    New restructuring/reorganization and transfer procedures for endangered Germany-based credit institutions
    2010-08-18

    On 13 July 2010 the Federal Ministry of Justice and Finance (Bundesministerien für Justiz und Finanzen) published a discussion draft of an Act for the Restructuring and Orderly Liquidation of Credit Institutions, for the Establishment of a Restructuring Fund for Credit Institutions and for the Extension of the Limitation Period of Corporate Law Management Liability (Restructuring Act) (Referentenentwurf eines Gesetzes zur Restrukturierung und geordneten Abwicklung von Kreditinstituten, zur Errichtung eines Restrukturierungsfonds für Kreditinstitute und zur Verlängerung der Verj

    Filed under:
    Germany, Banking, Insolvency & Restructuring, Squire Patton Boggs, Shareholder, Statute of limitations, Liability (financial accounting), Liquidation, Systemic risk, Endangered species, Federal Financial Supervisory Authority (Germany)
    Authors:
    Dr Andreas Fillmann
    Location:
    Germany
    Firm:
    Squire Patton Boggs
    German Restructuring Act
    2010-09-01

    Introduction

    Filed under:
    Germany, Banking, Insolvency & Restructuring, Norton Rose Fulbright, Statute of limitations, Market liquidity, Swap (finance), Debt, Capital requirement, Federal Ministry of Finance (Germany), Federal Financial Supervisory Authority (Germany)
    Authors:
    Frank Herring , Caroline Herkstroeter , Detmar Loff , Bernhard Fiedler
    Location:
    Germany
    Firm:
    Norton Rose Fulbright
    Germany’s response to “too big to fail”
    2010-09-13

    1. Introduction

    On 25 August 2010, the German government published a draft of an Act for the Restructuring and Orderly Liquidation of Credit Institutions, for the Establishment of Restructuring Fund for Credit Institutions and for the Extension of the Limitation Period of Corporate Law Management Liability (Restrukturierungsgesetz, the “German Restructuring Act”). It is anticipated that the German Restructuring Act will soon be introduced to the German parliament and be passed quickly.  

    Filed under:
    Germany, Banking, Insolvency & Restructuring, White & Case, Shareholder, Credit (finance), Debt, Liquidation, Bank regulation, Federal Financial Supervisory Authority (Germany), Bundestag
    Authors:
    Dr. Dennis Heuer , Scott Berger , Matthias Kasch , Stephen Phillips , Daniel Baierlein , Ulf Gosejacob
    Location:
    Germany
    Firm:
    White & Case
    Paddle 8 Bankruptcy a Harbinger in the Time of COVID19 and the Coming Art World Crisis
    2020-03-24

    Early last week the online auctioneer Paddle 8 filed for Chapter 11 bankruptcy in the Southern District of New York, on the heels of a recent lawsuit demanding payment for works of art sold at a charitable auction last November.

    Filed under:
    Global, USA, New York, Banking, Insolvency & Restructuring, Litigation, Sullivan & Worcester LLP, Title 11 of the US Code
    Authors:
    Nicholas O'Donnell
    Location:
    Global, USA
    Firm:
    Sullivan & Worcester LLP
    Impact of COVID-19 on Insolvency Laws: How Countries Are Revamping Their Insolvency and Restructuring Laws to Combat COVID-19
    2020-04-08

    The amendments of the Response Act are temporary and will apply for six months until September 23, 2020. However, subject to economic and health developments, the provisions may be expanded in both their application and scope

    Filed under:
    Global, Banking, Insolvency & Restructuring, Tax, Squire Patton Boggs, Coronavirus, Commercial tenant, HM Revenue and Customs (UK), CARES Act 2020 (USA)
    Location:
    Global
    Firm:
    Squire Patton Boggs
    Sovereign Debt Restructuring: A Latin American Perspective
    2019-11-19

    Rodrigo Olivares-Caminal, Queen Mary University of London

    This is an extract from the 2020 edition of the Americas Restructuring Review, published by Global Restructuring Review. The whole publication is available here.

    In summary

    Filed under:
    Global, Banking, Insolvency & Restructuring, Litigation, Global Restructuring Review
    Location:
    Global
    Firm:
    Global Restructuring Review
    When Blockchain Immutability Meets Bankruptcy
    2019-07-19

    This article was first published in Digital Asset.

    “Immutable” is a term that is frequently used when people talk about blockchain and the benefit of using this technology for record-keeping.

    Filed under:
    Global, Banking, Insolvency & Restructuring, IT & Data Protection, King & Wood Mallesons, Blockchain
    Authors:
    Urszula McCormack , Scott Farrell
    Location:
    Global
    Firm:
    King & Wood Mallesons
    FIS Horizons 2020
    2019-11-18

    Financial institutions continue to prepare for the anticipated cessation of the publication of the London Interbank Offered Rate (LIBOR) benchmark after the end of 2021 and its replacement with “risk-free” overnight rates, including reformed SONIA (for sterling) and the new SOFR rate (for U.S. dollars). Transitioning affected financial products to the new rates and amending legacy books is a massive project for any sizable institution.

    Filed under:
    Global, Banking, Company & Commercial, Corporate Finance/M&A, Derivatives, Insolvency & Restructuring, IT & Data Protection, Public, White Collar Crime, Hogan Lovells, Foreign direct investment, Blockchain, Libor, Crowdfunding, Money laundering, Fintech, Cryptocurrency, Financial Conduct Authority (UK), Financial Crimes Enforcement Network (USA), US Department of the Treasury, International Swaps and Derivatives Association, GDPR, Bank Secrecy Act 1970 (USA)
    Location:
    Global
    Firm:
    Hogan Lovells

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