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    Resolution plans/living wills - summary of final rule on Orderly Liquidation Authority, and future impacts on financial companies, creditors, potential investors, and senior executives
    2011-07-11

    The July 6, 2011 Federal Deposit Insurance Corporation Board of Directors (the “FDIC Board”) meeting marked the changing of the guard from Chairman Sheila Bair to FDIC Vice Chairman Martin Gruenberg. Chairman Bair’s valedictory meeting was not merely ceremonial; it also covered several key developments regarding the timing of a final rule on resolution plans under section 165(d) of Title I and a final rule on the Orderly Liquidation Authority (“OLA”) under Title II.

    A. RESOLUTION PLANS/ LIVING WILLS

    Filed under:
    USA, Banking, Insolvency & Restructuring, Morrison & Foerster LLP, Shareholder, Board of directors, Debt, Federal Reserve Board, Liquidation, Bank holding company, Advance healthcare directive, Subordinated debt, Financial Stability Board, Federal Deposit Insurance Corporation (USA), Dodd-Frank Wall Street Reform and Consumer Protection Act 2010 (USA)
    Authors:
    Dwight Smith , Alexandra Steinberg Barrage , Jeremy Mandell
    Location:
    USA
    Firm:
    Morrison & Foerster LLP
    FDIC issues final rule addressing certain provisions of the orderly liquidation authority of the Dodd-Frank Act
    2011-07-15

    On July 6, 2011, the Board of Directors of the Federal Deposit Insurance Corporation (“FDIC”) approved a final rule (the “Final Rule”) addressing certain provisions of the Orderly Liquidation Authority (“OLA”) contained in Title II of the Dodd-Frank Wall Street Reform and Consumer Protection Act (the “Dodd-Frank Act”).1

    Filed under:
    USA, Banking, Capital Markets, Insolvency & Restructuring, Sidley Austin LLP, Consumer protection, Board of directors, Liquidation, Federal Deposit Insurance Corporation (USA), Dodd-Frank Wall Street Reform and Consumer Protection Act 2010 (USA)
    Location:
    USA
    Firm:
    Sidley Austin LLP
    District court withdraws reference to the bankruptcy court of non-core coverage actions
    2011-07-14

    The United States District Court for the Central District of California has granted motions by eight directors and officers liability insurers to withdraw the reference to the bankruptcy court of two coverage actions involving coverage for claims against former directors and officers of a bank holding company.  In re IndyMac Bancorp, Inc., Nos. CV11-02600; CV11-02605; CV11-02950; CV11-02988 (C.D. Cal. May 17, 2011).  Wiley Rein LLP represents an excess insurer and the primary Side A insurer in the litigation.

    Filed under:
    USA, California, Insolvency & Restructuring, Insurance, Litigation, Wiley Rein LLP, Bankruptcy, Board of directors, Limited liability partnership, Standard of review, Holding company, Bank holding company, Article I US Constitution, Trustee, US District Court for Central District of California, United States bankruptcy court
    Location:
    USA
    Firm:
    Wiley Rein LLP
    Delaware's choice-of-law analysis as provided in a decision in PMTS Liquidating Corp., which partially granted a motion to dismiss
    2011-08-01

    Summary

    Filed under:
    USA, Delaware, Insolvency & Restructuring, Litigation, Fox Rothschild LLP, Fraud, Fiduciary, Board of directors, Federal Reporter, Liquidation, Goldman Sachs, Federal Rules of Civil Procedure (USA), Trustee, United States bankruptcy court, Third Circuit
    Authors:
    L. John Bird
    Location:
    USA
    Firm:
    Fox Rothschild LLP
    ASIC's consultation on clarifying director's duties to prevent insolvent trading
    2023-11-09

    On 14 September 2023, the Australian Securities and Investments Commission (ASIC) released Consultation Paper 372 "Guidance on insolvent trading safe harbour provisions: Update to RG 217".

    Filed under:
    Australia, Capital Markets, Insolvency & Restructuring, Clayton Utz, Board of directors, Australian Securities and Investments Commission, Corporations Act 2001 (Australia)
    Authors:
    Liz Humphry , Tashreen Tourabaly
    Location:
    Australia
    Firm:
    Clayton Utz
    ASIC's consultation on clarifying director's duties to prevent insolvent trading
    2023-11-09

    On 14 September 2023, the Australian Securities and Investments Commission (ASIC) released Consultation Paper 372 "Guidance on insolvent trading safe harbour provisions: Update to RG 217".

    Filed under:
    Australia, Capital Markets, Insolvency & Restructuring, Clayton Utz, Board of directors, Australian Securities and Investments Commission, Corporations Act 2001 (Australia)
    Authors:
    Liz Humphry , Tashreen Tourabaly
    Location:
    Australia
    Firm:
    Clayton Utz
    ASIC's consultation on clarifying director's duties to prevent insolvent trading
    2023-11-09

    On 14 September 2023, the Australian Securities and Investments Commission (ASIC) released Consultation Paper 372 "Guidance on insolvent trading safe harbour provisions: Update to RG 217".

    Filed under:
    Australia, Capital Markets, Insolvency & Restructuring, Clayton Utz, Board of directors, Australian Securities and Investments Commission, Corporations Act 2001 (Australia)
    Authors:
    Liz Humphry , Tashreen Tourabaly
    Location:
    Australia
    Firm:
    Clayton Utz
    ASIC's consultation on clarifying director's duties to prevent insolvent trading
    2023-11-09

    On 14 September 2023, the Australian Securities and Investments Commission (ASIC) released Consultation Paper 372 "Guidance on insolvent trading safe harbour provisions: Update to RG 217".

    Filed under:
    Australia, Capital Markets, Insolvency & Restructuring, Clayton Utz, Board of directors, Australian Securities and Investments Commission, Corporations Act 2001 (Australia)
    Authors:
    Liz Humphry , Tashreen Tourabaly
    Location:
    Australia
    Firm:
    Clayton Utz
    ASIC's consultation on clarifying director's duties to prevent insolvent trading
    2023-11-09

    On 14 September 2023, the Australian Securities and Investments Commission (ASIC) released Consultation Paper 372 "Guidance on insolvent trading safe harbour provisions: Update to RG 217".

    Filed under:
    Australia, Capital Markets, Insolvency & Restructuring, Clayton Utz, Board of directors, Australian Securities and Investments Commission, Corporations Act 2001 (Australia)
    Authors:
    Liz Humphry , Tashreen Tourabaly
    Location:
    Australia
    Firm:
    Clayton Utz
    ASIC's consultation on clarifying director's duties to prevent insolvent trading
    2023-11-09

    On 14 September 2023, the Australian Securities and Investments Commission (ASIC) released Consultation Paper 372 "Guidance on insolvent trading safe harbour provisions: Update to RG 217".

    Filed under:
    Australia, Capital Markets, Insolvency & Restructuring, Clayton Utz, Board of directors, Australian Securities and Investments Commission, Corporations Act 2001 (Australia)
    Authors:
    Liz Humphry , Tashreen Tourabaly
    Location:
    Australia
    Firm:
    Clayton Utz

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