The ISDA 2014 Resolution Stay Protocol, published on November 12, 2014, by the International Swaps and Derivatives Association, Inc. (ISDA),1 represents a significant shift in the terms of the over-the-counter derivatives market.

After a plan of reorganization is confirmed by the bankruptcy court, the plan proponents often seek to consummate the confirmed plan as soon as possible by implementing a series of restructuring transactions. Meanwhile, and objecting party has the statutory right to appeal the bankruptcy court's confirmation rulings. Absent the entry of a court-ordered stay of implementation, however, the plan proponents may "win the race" and implement the transactions before the appellate court can rule on any appeals.

Recent Developments

The eyes of the financial world were on the U.S. during 2013. The view was dismaying and encouraging in roughly equal parts. The U.S. rang in the new year with a post-last-minute deal to avoid the Fiscal Cliff that kicked negotiations over "sequestration"—$110 billion in across-the-board cuts to military and domestic spending—two months down the road, but raised income taxes (on the wealthiest Americans) for the first time in two decades. 

A SUMMARY OF MAJOR DEVELOPMENTS IN KEY AREAS GENERAL COUNSEL UPDATE 27 February 2014 LEGAL GUIDE EDITION 37

Welcome to the first issue of International News for 2014. In this issue we focus on employee benefits.

First, however, in our Features section, we consider a number of ways of mitigating risk in African investments. As Africa becomes increasingly developed, investment opportunities are becoming increasingly appealing, but investors must still act wisely.

Restructuring & Insolvency
Global
Restructuring & Insolvency Newsletter
June 2014
In this issue:
Challenges faced by foreign creditors of Suntech
With an eye on the insolvency and restructuring proceedings of Suntech Power Holdings' principal operating subsidiary in China, Kwun Yee Cheung surveys the difficulties confronting foreign creditors in Chinese bankruptcies and restructurings. > Read more
Using English or US proceedings to restructure Asian businesses

Tax authorities have perceived recently that international corporate groups are going through internal business restructurings in large part or in whole to achieve income tax savings.

In 2008, the catastrophic effect of the credit crunch spread to most world economies. As in previous recessions, insolvency has affected increasing numbers of individuals and companies, and parties to agreements to arbitrate are increasingly likely to find themselves dealing with insolvent companies. What are the issues to bear in mind?

1/ Prior insolvency

The leading international insolvency practitioners and thought leaders in the world will convene for the 11th Annual Conference of the International Insolvency Institute at Columbia University in New York on June 13-14, 2011. The Conference will feature reports and analyses of the world’s most important current international insolvency issues and controversies described by speakers who are recognized globally as preeminent in their field.