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    Treasury consults on settlement and collateral directives
    2010-08-20

    Treasury is consulting on implementation of the changes to the Settlement Finality Directive (SFD) and the Financial Collateral Directive (FCD) in the UK. The changes to the Directives cover:

    Filed under:
    United Kingdom, Capital Markets, Insolvency & Restructuring, Dentons, Collateral (finance), EEA, HM Treasury (UK)
    Authors:
    Robert Finney
    Location:
    United Kingdom
    Firm:
    Dentons
    When trade finance meets insolvency
    2010-06-09

    There has been an upturn in the frequency of trade finance workouts, restructurings and formal insolvencies. Drew Sainsbury looks at some key issues that banks face when trade finance lending passes to “bad bank”.

    The bank’s decisions at every stage of a trade finance transaction are critical: at origination; when following a workout/restructuring; and once a formal insolvency process becomes a reality.

    Origination

    Filed under:
    United Kingdom, Banking, Insolvency & Restructuring, Dentons, Debtor, Collateral (finance), Credit risk, Liquidation, Payment protection insurance
    Location:
    United Kingdom
    Firm:
    Dentons
    Erosion of secured creditor rights by recent Philadelphia Newspapers decision
    2010-03-30

    On March 22, 2010, in a 2-1 decision, the Court of Appeals for the Third Circuit held that a debtor may proceed with an auction sale under a Chapter 11 plan without providing a secured lender the right to credit bid for its collateral.

    Filed under:
    USA, Insolvency & Restructuring, Litigation, Dentons, Credit (finance), Debtor, Collateral (finance), Statutory interpretation, Dissenting opinion, Secured creditor, Secured loan, United States bankruptcy court, Fifth Circuit, Third Circuit
    Authors:
    Hugh M. McDonald
    Location:
    USA
    Firm:
    Dentons
    In recognizing a foreign insolvency proceeding Canadian court grants stay of proceedings in Canada
    2009-07-30

    Courts have broad discretion to grant orders under s. 18.6 of the CCAA in cases where there is no formal Canadian bankruptcy filing.

    Magna Entertainment Corp. (“MEC”) is a publicly-traded Delaware corporation with its head office in Ontario. On March 5, 2009, MEC and certain of its U.S. subsidiaries filed for Chapter 11 protection in the United States. Although MEC’s management is based in Canada and MEC has assets in Canada, MEC’s main interests and majority presence are in the U.S.

    Filed under:
    Canada, Insolvency & Restructuring, Litigation, Dentons, Bankruptcy, Debtor, Collateral (finance), Comity, Subsidiary, Delaware General Corporation Law, United States bankruptcy court
    Authors:
    David W. Mann , David LeGeyt
    Location:
    Canada
    Firm:
    Dentons
    The importance of registering name changes
    2009-01-30

    In Royal Bank of Canada v. Head West Energy Inc., the Court of Appeal considered the priority of two security interest registrations against the same collateral, namely industrial camp trailers, and the obligations, pursuant to the Personal Property Security Act, R.S.A. 2000, c. P-7 (“PPSA”) of a security holder to amend its registration to reflect a name change when the security holder has knowledge of that name change.

    Filed under:
    Canada, Insolvency & Restructuring, Litigation, Dentons, Debtor, Collateral (finance), Interest, Voting, Personal Property Security Act 1990 (Canada), Wells Fargo, Royal Bank of Canada
    Authors:
    David W. Mann , David LeGeyt
    Location:
    Canada
    Firm:
    Dentons
    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, Companies Act 2006 (UK), Companies Act 1985 (UK), European Commission
    Location:
    United Kingdom
    Firm:
    Dentons
    Perfection of a security interest in a cash collateral account
    2008-10-14

    Banks have a recognized right to set off amounts owing by the bank to its customer (i.e. a credit balance in the customer’s bank account) against the customer’s debt to the bank. However, banks frequently wish to have the additional comfort of obtaining a security interest in the customer’s credit balance in a designated bank account. Banks frequently refer to this security as a pledge of cash collateral.

    Filed under:
    Canada, Ontario, Banking, Insolvency & Restructuring, Dentons, Debtor, Collateral (finance), Debt, Personal property, Intangible asset, Personal Property Security Act 1990 (Canada)
    Location:
    Canada
    Firm:
    Dentons
    Commercially reasonable realizations
    2008-04-30

    In Royal Bank v. 2021847 Ontario Ltd. et al. (2007), Carswell Ont. 8283, the plaintiff Royal Bank sought summary judgment against the guarantors of a credit facility it granted to 2021847 Ontario Ltd. (“2021847”). The amount the plaintiff sought against the guarantors was the deficiency remaining after the plaintiff had appointed a receiver over the assets of the debtor company. The proceeds from the realization of the receivership were insufficient to payout 2021847’s credit facility.

    Filed under:
    Canada, Insolvency & Restructuring, Litigation, Dentons, Surety, Debtor, Collateral (finance), Marketing, Liquidation, Good faith, Line of credit, Secured loan, Royal Bank of Canada
    Location:
    Canada
    Firm:
    Dentons
    Viability of guaranty “savings clauses” questioned by Florida bankruptcy court decision
    2009-12-02

    To promote equal treatment of creditors, the US Congress has armed debtors with the power to bring suit to recover a variety of pre-bankruptcy transfers. Prominent among these is a debtor’s ability under Section 548 of the Bankruptcy Code to recover constructively fraudulent transfers — i.e., transfers made without fair consideration when a debtor is insolvent.

    Filed under:
    USA, Florida, Insolvency & Restructuring, Litigation, Mayer Brown, Bankruptcy, Surety, Debtor, Collateral (finance), Fraud, Interest, Credit risk, Joint venture, Holding company, Subsidiary, Title 11 of the US Code, United States bankruptcy court
    Authors:
    Brian Trust , Sean T. Scott
    Location:
    USA
    Firm:
    Mayer Brown
    Sixth Circuit Court of Appeals rules that collateral proceeds do not include accounts
    2013-11-12

    The US Court of Appeals for the Sixth Circuit has ruled that a lender’s security interest in accounts was not perfected because a reference to “proceeds” in the lender’s UCC financing statement did not expressly refer to “accounts.” The Sixth Circuit surprisingly interpreted the definition of “proceeds”1 in Article 9 of the Uniform Commercial Code to exclude “accounts”2 (despite and without reference to provisions of UCC Article 9 to the contrary).

    Filed under:
    USA, Banking, Insolvency & Restructuring, Litigation, Mayer Brown, Debtor, Collateral (finance), Accounts receivable, Uniform Commercial Code (USA), Sixth Circuit
    Authors:
    John F. Lawlor , Craig E. Reimer
    Location:
    USA
    Firm:
    Mayer Brown

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