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UKSC rules on the Banker's Quincecare duty: no duty to second-guess customer
2023-07-13

In recent years much ink has been spilled opining on the so called 'Quincecare' duty of care, and the limits of it (see links to our recent insolvency law updates covering the topic below). The judgment in Barclays Bank plc v Quincecare Ltd [1992] 4 All ER 363 was a first instance decision on Steyn J, in which he found that a bank has a duty not to execute a payment instruction given by an agent of its customer without making inquiries if the bank has reasonable grounds for believing that the agent is attempting to defraud the customer.

Filed under:
United Kingdom, Banking, Insolvency & Restructuring, Litigation, Buddle Findlay, Financial Conduct Authority (UK), Barclays, National Crime Agency (UK), UK Supreme Court
Authors:
Bridie McKinnon , Scott Barker , Luke Sizer
Location:
United Kingdom
Firm:
Buddle Findlay
View Original Article
UKSC rules on the Banker's Quincecare duty: no duty to second-guess customer
2023-07-13

In recent years much ink has been spilled opining on the so called 'Quincecare' duty of care, and the limits of it (see links to our recent insolvency law updates covering the topic below). The judgment in Barclays Bank plc v Quincecare Ltd [1992] 4 All ER 363 was a first instance decision on Steyn J, in which he found that a bank has a duty not to execute a payment instruction given by an agent of its customer without making inquiries if the bank has reasonable grounds for believing that the agent is attempting to defraud the customer.

Filed under:
United Kingdom, Banking, Insolvency & Restructuring, Litigation, Buddle Findlay, Financial Conduct Authority (UK), Barclays, National Crime Agency (UK), UK Supreme Court
Authors:
Bridie McKinnon , Scott Barker , Luke Sizer
Location:
United Kingdom
Firm:
Buddle Findlay
View Original Article
UKSC rules on the Banker's Quincecare duty: no duty to second-guess customer
2023-07-13

In recent years much ink has been spilled opining on the so called 'Quincecare' duty of care, and the limits of it (see links to our recent insolvency law updates covering the topic below). The judgment in Barclays Bank plc v Quincecare Ltd [1992] 4 All ER 363 was a first instance decision on Steyn J, in which he found that a bank has a duty not to execute a payment instruction given by an agent of its customer without making inquiries if the bank has reasonable grounds for believing that the agent is attempting to defraud the customer.

Filed under:
United Kingdom, Banking, Insolvency & Restructuring, Litigation, Buddle Findlay, Financial Conduct Authority (UK), Barclays, National Crime Agency (UK), UK Supreme Court
Authors:
Bridie McKinnon , Scott Barker , Luke Sizer
Location:
United Kingdom
Firm:
Buddle Findlay
View Original Article
The AVANTI spectrum Refinement to the legal characterisation of a charge as fixed or floating
2023-05-26

The characterisation of a charge as fixed or floating can have significant ramifications for the chargee on chargor’s insolvency. This is because the holder of a fixed charge enjoys significant advantage, in terms of the order of priority of distributions to creditors, over a floating charge holder.

Filed under:
United Kingdom, Insolvency & Restructuring, Litigation, Tax, DLA Piper, Financial Conduct Authority (UK), HM Revenue and Customs (UK)
Authors:
David Ampaw , Roya Panahi
Location:
United Kingdom
Firm:
DLA Piper
View Original Article
UK High Court Hands Down Decision in Sova Capital
2023-03-27

Key Points

Filed under:
European Union, United Kingdom, USA, Insolvency & Restructuring, Litigation, Katten Muchin Rosenman LLP, Financial Conduct Authority (UK)
Authors:
Prav Reddy , Sonya Van de Graaff , Dominique Hodgson
Location:
European Union, United Kingdom, USA
Firm:
Katten Muchin Rosenman LLP
View Original Article
Unsecured "credit bid" for assets of a company in special administration
2023-03-15

Summary

Filed under:
United Kingdom, Banking, Company & Commercial, Insolvency & Restructuring, Litigation, Mayer Brown, Sanctions, Financial Conduct Authority (UK), High Court of Justice (England & Wales)
Authors:
Alexandra Wood
Location:
United Kingdom
Firm:
Mayer Brown
View Original Article
Silicon Valley Bank: March 13, 2023 Updates on FDIC Receivership and Bridge Bank
2023-03-13

As we stated in our March 10, 2023 Client Alert, Silicon Valley Bank, Santa Clara, California (“SVB”), was closed on Friday, March 10, 2023 by the California Department of Financial Protection & Innovation, and the Federal Deposit Insurance Corporation (“FDIC”) was appointed as receiver. Since our initial client alert on Friday, several key developments have occurred.

Filed under:
USA, Banking, Insolvency & Restructuring, Hunton Andrews Kurth LLP, Receivership, Financial Conduct Authority (UK), Federal Deposit Insurance Corporation (USA), HSBC, Bank of England, Prudential Regulation Authority (UK)
Location:
USA
Firm:
Hunton Andrews Kurth LLP
View Original Article
Silicon Valley Bank UK Limited - successful rescue showcases the UK Special Resolution Regime in action
2023-03-13

Summary

Filed under:
United Kingdom, Banking, Insolvency & Restructuring, Mayer Brown, Banking Act 2009 (UK), Financial Conduct Authority (UK), HM Treasury (UK), Bank of England, Prudential Regulation Authority (UK)
Authors:
Devi Shah , Sheena Frazer , Alexandra Wood
Location:
United Kingdom
Firm:
Mayer Brown
View Original Article
Silicon Valley Bank UK Limited - UK Regulatory Considerations
2023-03-12

On Friday March 10, 2023, the Bank of England moved to put the UK arm of Silicon Valley Bank into insolvency after it applied for £1.8bn of liquidity as its parent company was collapsing. The situation remains fluid, and the following Q&A reflects our understanding as of Sunday, March 12.

UK resolution authority and powers

On March 10, 2023, the Bank of England published the following statement regarding Silicon Valley Bank UK Limited (SVB UK):

Filed under:
United Kingdom, Banking, Insolvency & Restructuring, White & Case, Insolvency, Financial Conduct Authority (UK), Bank of England
Location:
United Kingdom
Firm:
White & Case
View Original Article
An unsecured “credit bid” - a first in the UK restructuring market
2023-03-02

The UK High Court has considered and granted permission for a so called “credit bid” in an application by the Special Administrators of Sova Capital Ltd (in special administration) for a substantial portfolio of illiquid Russian securities. The transaction structure, involving the transfer of securities in exchange for the release of a £233m claim against the estate, is unprecedented in the UK where ‘credit bidding’ has no technical recognition.

Filed under:
United Kingdom, Insolvency & Restructuring, Trade & Customs, Hogan Lovells, Sanctions, Financial Conduct Authority (UK)
Authors:
Robert Peel , Camilla Eliott Lockhart , Tom Astle
Location:
United Kingdom
Firm:
Hogan Lovells
View Original Article

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