This newsletter discusses the draft legislative proposal for a Financial Institutions (Special Measures) Act (Wet bijzondere maatregelen financiële ondernemingen; "Intervention Act") that was recently published for consultation along with a draft explanatory memorandum and a document containing specific questions. The draft proposal would broaden the powers of the Dutch Central Bank (De Nederlandsche Bank; "DNB") and the Minister of Finance to intervene at financial institutions that are experiencing "serious problems".
The Minister of Finance and the Minister of Security and Justice are holding a joint consultation on a bill introducing special measures against financial
A bill introducing special measures with regard to financial undertakings (Intervention Bill) has been published for consultation. The bill would extend government powers to intervene in financial undertakings which are in serious difficulties. Under the bill the Dutch Central Bank (DNB) could draw up a plan for the transfer of financial undertakings which are experiencing irreversible financial problems. DNB could submit the transfer plan to the courts and request an order to implement the transfer scheme.
The Act amending the Financial Markets Supervision Act and the Bankruptcy Act (Wet tot wijziging van de Wet op het financieel toezicht en de Faillissementswet) in connection with consolidation of claims on the estate in the event of emergency regulations, moratorium on payments and bankruptcy, and requests for compensation on the grounds of the Safety Net Scheme entered into force on 16 March 20091.
On October 13 2008 the Amsterdam District Court declared the emergency regulations underthe Financial Supervision Act applicable to the Dutch branch of Landsbanki (Icesave).(1) This update looks at:
De Nederlandsche Bank (DNB) began the process of appointing receivers Monday for DSB Bank NA (DSB) after DSB experienced a “run” when rumors of its insolvency spread via Twitter and other outlets.
Earlier today, DSB Bank N.V. (DSB) was declared bankrupt and ordered to liquidate, ending hopes the regional lender, which last week suffered a run on deposits and was subsequently put into receivership, might be sold or bailed out.
DSB Bank (DSB), a small Dutch lender, has been declared bankrupt on 19 October 2009. Other Dutch banks will now have to guarantee DSB's deposits. The Dutch central bank said on 19 October 2009 that it had activated the national deposit guarantee system to deal with the bankruptcy, and that it expects eligible depositors to be reimbursed by Christmas. The banks will have to pay into the guarantee system in proportion to their market share.
Christchurch based company Cryptopia Limited (in liquidation) (Cryptopia) operated a cryptocurrency exchange. Account holders were able to deposit cryptocurrencies into the exchange, and carry out trades with each other.
In January 2019 the exchange was hacked and cryptocurrencies valued at approximately NZD30m were stolen. Cryptopia closed after the hack, re-opened for a short period, and was then placed into insolvent liquidation in May 2019. David Ruscoe and Russell Moore of Grant Thornton New Zealand were appointed liquidators.
Introduction
Following our Initial Note, the receivers of Ebert Construction Ltd (Ebert) released their first report on 1 October 2018. Then, on 3 October 2018, Ebert put itself into liquidation, with the liquidators subsequently issuing their first report on 10 October 2018. These developments have provided further information about Ebert’s financial position and the insolvency process.