According to a February 22 ruling by the Bankruptcy Court for the Southern District of New York, foreign banks with a U.S. branch or agency are ineligible for Chapter 15 recognition.
The Federal Court has recently delivered judgment in the case of Cooper as Liquidator of Runtong Investment and Development Pty Ltd (In Liq)v CEG Direct Securities Pty Ltd [2024] FCA 6, a case where a liquidator was successful in having a mortgage declared as an unreasonable director-related transaction.
Key Takeaways
Senior secured creditors, being the anchor creditor in the capital stack, will always be focused on ensuring their priority claim is as robust as possible, with clearly delineated capacity for 'super priority' debt. However, today's documentary flexibilities, coupled with local legal restrictions, can mean senior secured creditors are not as 'senior secured' as they think. Here are some points to think about.
Super Senior Debt
On 30 October 2023, HM Treasury (HMT) published three documents setting out how the UK government plans to regulate cryptoassets going forward:
In 2023, the economies of some nations stagnated, but developing economies particularly struggled. As a new year commences, some of these countries will continue their efforts at restructuring their debts—a process that has been going on for years.
On 30 October 2023, HM Treasury (“HMT”) published 3 key updates on its proposed approach to regulating cryptoassets under the UK’s financial services regulatory framework, namely:
The Consumer Duty is one of the most significant pieces of regulation to land in the financial services industry for some time and represents a major shift in how firms will need to view customer outcomes and proactively address harm in the retail market. For Insolvency Practitioners (IPs) appointed over a regulated firm that has products within the scope of the duty, this will form part of the regulatory obligations with which the firm (and the IP) will need to ensure compliance.
Sovereign debt restructurings are complex processes that involve negotiations with a sovereign’s creditors to alter the terms of existing debt, aiming to restore fiscal sustainability and ensure long-term economic stability.
Key developments of interest over the last month include: IOSCO publishing its final Policy Recommendations for Crypto and Digital Asset (CDA) Markets; the UK government publishing a response to its previous consultation and call for evidence on proposals for the future financial services regulatory regime for digital assets as well as the FCA and Bank of England publishing proposals on the UK stablecoins regulatory regime; the European Parliament's ECON Committee publishing draft reports on the proposed PSD3 and Payment Services Regulation; and the UK government publishing a Future of Paym