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    Supreme Court confirms that flip clauses don’t violate anti-deprivation principle
    2011-10-10

    One of the many issues which arose from the collapse of Lehman Brothers was whether “flip provisions”, which reverse a swap counterparty’s priority in the order of payment on insolvency, were invalid on the basis that they contravened the anti-deprivation principle.  This is a long-established common law principle which seeks to prevent an insolvent party from arranging its affairs to frustrate the legitimate claims of creditors.

    Filed under:
    United Kingdom, Derivatives, Insolvency & Restructuring, Litigation, King & Wood Mallesons, Swap (finance), Good faith, Common law, Bankruptcy of Lehman Brothers, Lehman Brothers, SCOTUS
    Location:
    United Kingdom
    Firm:
    King & Wood Mallesons
    Close-out netting and set-off provisions for BVI, Cayman Islands, Guernsey, Jersey and Luxembourg counterparties
    2022-05-17

    Introduction

    The current geo-political climate is contributing to the rapid rise to inflation rates in many countries around the world. Governments have reacted with an inevitable increase to interest rates to try and offer some form of counterbalance to rising costs in an effort to stymy localised, and more widespread, economic recessions.

    Filed under:
    British Virgin Islands, Cayman Islands, Guernsey, Jersey, Luxembourg, Derivatives, Insolvency & Restructuring, Ogier, International Swaps and Derivatives Association
    Authors:
    Ray Wearmouth , Christian Burns-Di Lauro , Mark Santangeli , Chris Wall , Christopher Jones , Paul Chanter , Anthony Oakes , Bruce MacNeil , Jad Nader
    Location:
    British Virgin Islands, Cayman Islands, Guernsey, Jersey, Luxembourg
    Firm:
    Ogier
    Close-out netting and set-off provisions for BVI, Cayman Islands, Guernsey, Jersey and Luxembourg counterparties
    2013-11-05

    Introduction

    Filed under:
    British Virgin Islands, Cayman Islands, Guernsey, Jersey, Luxembourg, Derivatives, Insolvency & Restructuring, Private Client & Offshore Services, Ogier, Swap (finance), Limited partnership, Liquidation, International Swaps and Derivatives Association
    Authors:
    Bruce MacNeil
    Location:
    British Virgin Islands, Cayman Islands, Guernsey, Jersey, Luxembourg
    Firm:
    Ogier
    Derivatives transactions with offshore counterparties
    2011-08-17

    Key Issues

    The transaction documents (eg ISDA, GMRA or prime brokerage agreements) for derivatives transactions (or other transactions involving netting provisions) are usually governed by English law or New York law. However, there are a number of local law issues which our clients should consider when proposing to enter into such transactions with offshore counterparties, including the following key issues:

    Filed under:
    United Kingdom, USA, New York, Derivatives, Insolvency & Restructuring, Private Client & Offshore Services, Ogier, Collateral (finance), Marketing, Arbitration award, Investment funds, Default (finance), Choice of law, International Swaps and Derivatives Association
    Authors:
    Bruce MacNeil
    Location:
    United Kingdom, USA
    Firm:
    Ogier
    Financial services legislative and regulatory update - December 19, 2011
    2011-12-19

    Leading the Past Week

    Filed under:
    USA, Banking, Capital Markets, Derivatives, Insolvency & Restructuring, Insurance, Public, Tax, White Collar Crime, Mintz, Holding company, Dodd-Frank Wall Street Reform and Consumer Protection Act 2010 (USA), Commodity Futures Trading Commission (USA)
    Location:
    USA
    Firm:
    Mintz
    Financial services legislative and regulatory update - 14 May 2012
    2012-05-14

    Leading the Past Week

    Filed under:
    USA, Banking, Capital Markets, Derivatives, Insolvency & Restructuring, Insurance, Mintz, Dodd-Frank Wall Street Reform and Consumer Protection Act 2010 (USA), Chair of the Federal Reserve
    Location:
    USA
    Firm:
    Mintz
    US District Court upholds safe harbour protection of swap agreements from ipso facto prohibitions - lessons for Australia
    2018-04-12

    In June 2016, Judge Chapman of the US Bankruptcy Court handed down a landmark decision in In re Lehman Bros. Holdings Inc., 553 B.R. 476 (Bankr S.D.N.Y.

    Filed under:
    Australia, USA, Derivatives, Insolvency & Restructuring, Litigation, Clayton Utz, Lehman Brothers, United States bankruptcy court
    Authors:
    Karen O'Flynn , Flora Innes
    Location:
    Australia, USA
    Firm:
    Clayton Utz
    Channel Nine: still the one
    2012-10-18

    On 17 October 2012, Nine Entertainment announced that it had reached an agreement with representatives of its senior and junior lenders with respect to a restructuring of its financing arrangements. Prior to the announcement, recent business press had been dominated by reports of Nine Entertainment's potential insolvency.

    Filed under:
    Australia, Banking, Capital Markets, Derivatives, Insolvency & Restructuring, Litigation, Clayton Utz, Hedge funds, Debt
    Authors:
    Peter Bowden , Nick Poole , Paul James
    Location:
    Australia
    Firm:
    Clayton Utz
    Account transfer in the event of an FCM liquidation
    2011-11-04

    This Client Alert addresses the impact on a customer of a futures commission merchant (FCM) with respect to his or her accounts held by that FCM prior to a filing for bankruptcy under Title 11 of the United States Code, 11 U.S.C. §§ 101-1532 (the Bankruptcy Code) by the FCM.

    Summary

    Filed under:
    USA, Derivatives, Insolvency & Restructuring, Latham & Watkins LLP, Bankruptcy, Debtor, Commodity, Futures contract, Commodity broker, Liquidation, Pro rata, US Code, Title 11 of the US Code, Commodity Futures Trading Commission (USA), Trustee
    Authors:
    Mark A. Broude
    Location:
    USA
    Firm:
    Latham & Watkins LLP
    The impact of CDS on restructurings
    2011-02-24

    Restructuring companies in respect of which there exists a significant credit default swaps (CDS) market adds an additional level of complexity which the debtor and all stakeholders should consider and assess early on in the process, as it could determine the success or failure of a restructuring plan.

    Filed under:
    European Union, Global, USA, Derivatives, Insolvency & Restructuring, Latham & Watkins LLP, Bond (finance), Bankruptcy, Credit (finance), Debtor, Interest, Swap (finance), Credit risk, Maturity (finance), Balance sheet, Credit default swap
    Authors:
    John Houghton
    Location:
    European Union, Global, USA
    Firm:
    Latham & Watkins LLP

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