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    United Kingdom publishes reports addressing insolvency of investment banks, reforming the U.K. financial services sector, and regulatory responses to the global banking crisis
    2009-05-12

    Yesterday, the U.K. government published a report entitled "Developing effective resolution arrangements for investment banks" which sets forth, primarily in response to the September 2008 collapse of Lehman Brothers Holding, Inc. (in particular its U.K. arm, Lehman Brothers International (Europe)), the U.K.

    Filed under:
    United Kingdom, Banking, Insolvency & Restructuring, Alston & Bird LLP, Clearing (finance), Investment banking, Emerging markets, Competitiveness, Lehman Brothers cases, Lehman Brothers, Citigroup
    Authors:
    Darren Cooper
    Location:
    United Kingdom
    Firm:
    Alston & Bird LLP
    The Banking Act 2009: counterparty rights and insolvent banks
    2009-03-10

    Historically, the United Kingdom has not had a specialised bankruptcy regime for dealing with the failures of financial institutions. Rather, these were handled under the same rules that applied to ordinary corporations.

    Filed under:
    United Kingdom, USA, Banking, Insolvency & Restructuring, Cadwalader Wickersham & Taft LLP, Share (finance), Security (finance), Liability (financial accounting), Liquidation, Broker-dealer, Subsidiary, HM Treasury (UK), Lehman Brothers, FSA, Bank of England, Commodity Exchange Act 1936 (USA), Banking Act 2009 (UK), Federal Deposit Insurance Act 1950 (USA)
    Location:
    United Kingdom, USA
    Firm:
    Cadwalader Wickersham & Taft LLP
    Iceland drops legal proceedings against UK regarding Landsbanki seizure
    2009-01-07

    Yesterday, Iceland’s Prime Minister announced that the government has decided not to bring suit against the UK authorities for the Freezing Order issued against Landsbanki by the UK authorities on October 8, 2008, on the basis of their Anti-Terrorism, Crime and Security Act.

    Filed under:
    United Kingdom, Banking, Insolvency & Restructuring, Alston & Bird LLP, Counter-terrorism, FSA, Court of Justice of the European Union
    Location:
    United Kingdom
    Firm:
    Alston & Bird LLP
    Insolvent lenders and market disruption
    2008-10-21

    In the current economic climate, there are a number of key issues facing borrowers in the event of lender insolvency or default.

    Committed facilities/term loans

    Provided they are fully drawn and the borrower is not in breach itself, the impact in the short term may not be too severe.

    Filed under:
    United Kingdom, Banking, Insolvency & Restructuring, Gowling WLG, Libor, Debtor, Breach of contract, Accounts receivable, Market liquidity, Swap (finance), Debt, Cashflow, Default (finance), International Swaps and Derivatives Association
    Location:
    United Kingdom
    Firm:
    Gowling WLG
    Stopping collateral damage
    2008-11-04

    The Banking Bill recasts key aspects of bank supervision and insolvency. With such wide-ranging changes to digest, financial institutions and other companies could be forgiven for ignoring the seemingly obscure clauses relating to financial collateral. But these provisions could remove legal uncertainty for those taking collateral particularly in traded markets (like energy trading) where banks are not always the main players.

    Filed under:
    United Kingdom, Banking, Insolvency & Restructuring, Dentons, Collateral (finance), Security (finance), Credit risk, Judicial review, European Commission, Companies Act 2006 (UK), European Communities Act 1972 (UK), Companies Act 1985 (UK)
    Location:
    United Kingdom
    Firm:
    Dentons
    Mistaken release of security
    2008-11-05

    Facts

    In Andrew Fender (Administrator of FG Collier & Sons Limited) - v - National Westminster Bank Plc, a company went into administration. The administrator applied to the court to establish whether he had to treat NatWest bank as a secured or unsecured creditor of the company.

    Filed under:
    United Kingdom, Banking, Insolvency & Restructuring, Litigation, Gowling WLG, Debt, Mortgage loan, Deed, Liability (financial accounting), Public limited company, Secured creditor, Capital punishment, Unsecured creditor, NatWest, UK Land Registry
    Location:
    United Kingdom
    Firm:
    Gowling WLG
    Chancellor proposes special insolvency procedures for investment firms holding client assets or money
    2008-11-26

    In his Pre-Budget Report delivered on 24 November 2008, UK Chancellor of the Exchequer Alistair Darling announced the Government’s intention to introduce special insolvency procedures for investment firms holding client assets or client money.  

    The procedures will be introduced by secondary legislation under the Banking Bill (which was introduced into Parliament in October 2008) following a government sponsored review by an expert liaison group.  

    The review, to be concluded by summer 2009, will consider, inter alia:  

    Filed under:
    United Kingdom, Banking, Capital Markets, Insolvency & Restructuring, Schulte Roth & Zabel LLP, Collateral (finance), Autumn Statement, Hedge funds, Investment banking, Holding company, Investment company, Lehman Brothers cases, Brokerage firm, Lehman Brothers, Chancellor of the Exchequer
    Location:
    United Kingdom
    Firm:
    Schulte Roth & Zabel LLP
    London Scottish Bank placed into administration
    2008-12-01

    Today, the U.K. Treasury announced that it “has taken decisive action to protect the interests of retail depositors and wider financial stability” by placing London Scottish Bank plc in administration.

    Filed under:
    United Kingdom, Banking, Insolvency & Restructuring, Alston & Bird LLP, Retail, Public limited company, Financial Services Compensation Scheme, Chancellor of the Exchequer
    Location:
    United Kingdom
    Firm:
    Alston & Bird LLP
    Modernising the insolvency protections for the operation of financial markets - proposals to reform Part 7 of the 1989 Companies Act
    2008-08-07

    Introduction

    On 25 July 2008, HM Treasury published a Consultation Paper entitled Modernising the insolvency protections for the operation of financial markets - proposals to reform Part 7 of the 1989 Companies Act (the Consultation Paper).

    Proposals

    Filed under:
    United Kingdom, Banking, Capital Markets, Insolvency & Restructuring, Norton Rose Fulbright, Clearing (finance), Clearing house (finance), Margin (finance), Liability (financial accounting), Default (finance), HM Treasury (UK), FSA, Companies Act
    Location:
    United Kingdom
    Firm:
    Norton Rose Fulbright
    Guarantees
    2008-08-31

    In Sea Emerald SA v Prominvestbank - Joint Stockpoint Commercial Industrial & Investment Bank - Lawtel 19.8.08 the Commercial Court gave a reminder of the importance of ensuring that the person signing a guarantee upon which you may seek to rely has authority to do so.

    Filed under:
    United Kingdom, Banking, Insolvency & Restructuring, Litigation, Reed Smith LLP, Letter of credit, Credit (finance), Arbitration award, Investment banking, Common Gateway Interface, High Court of Justice (England & Wales), Commercial Court (England and Wales)
    Location:
    United Kingdom
    Firm:
    Reed Smith LLP

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