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    Insolvent funds
    2010-03-26

    There continues to be numerous issues surrounding the “creditor/investor” debate in fund’s litigation. There have been a number of cases of particular note. First of all Citco Global v Y2K Finance where a winding up petition was brought on two basis. First of all, alleged improper redemption payments made by the fund prior to the suspension of redemptions.

    Filed under:
    British Virgin Islands, Capital Markets, Insolvency & Restructuring, Litigation, Harneys, Share (finance), Shareholder, Dividends, Memorandum of understanding, Market liquidity, Liquidation, Articles of association, Liquidator (law)
    Authors:
    Phillip Kite
    Location:
    British Virgin Islands
    Firm:
    Harneys
    Specialised Commercial Court opens in British Virgin Islands
    2009-05-18

    The British Virgin Islands has opened a new Commercial Court which will specialise in cross-border commercial and insolvency matters. In two ceremonies earlier this month, the government of the BVI formally opened the court and signed a memorandum of understanding with the Eastern Caribbean Supreme Court (ECSC) for its operation and administration.

    Filed under:
    British Virgin Islands, Insolvency & Restructuring, Litigation, Harneys, Memorandum of understanding, Commercial law, Commercial Court (England and Wales)
    Location:
    British Virgin Islands
    Firm:
    Harneys
    The Financial Report, 27 July, News from Europe
    2017-07-27

    European Union

    Filed under:
    European Union, United Kingdom, Banking, Capital Markets, Insolvency & Restructuring, Insurance, White Collar Crime, DLA Piper, Memorandum of understanding, Depositary, European Commission, European Banking Authority, International Financial Reporting Standards, Payment Services Directive (2015/2366/EU)
    Location:
    European Union, United Kingdom
    Firm:
    DLA Piper
    India: Insolvency Regulator signs MoU with RBI for Effective Implementation of Insolvency and Bankruptcy Code
    2018-04-10

    Introduction

    Filed under:
    India, Banking, Insolvency & Restructuring, SS Rana & Co, Bankruptcy, Memorandum of understanding, Reserve Bank of India
    Location:
    India
    Firm:
    SS Rana & Co
    Bankruptcy provisions commenced
    2011-10-11

    The new bankruptcy provisions contained in the Civil Law (Miscellaneous Provisions) Act 2011 were commenced yesterday. The Act has been in force since 2 August.

    The new provisions allow for automatic discharge on the 12th anniversary of a bankruptcy adjudication order and a reduction in the period for application for discharge from bankruptcy to five years from 12 years.

    Filed under:
    Ireland, Insolvency & Restructuring, A&L Goodbody, Bankruptcy, Memorandum of understanding, Debt, Fonds monétaire international, European Commission, ECB
    Location:
    Ireland
    Firm:
    A&L Goodbody
    Royal Decree Law 24/2012 address restructuring and termination of Spanish credit entities
    2012-09-24

    The Spanish Council of Ministers has approved the Royal Decree Law 24/2012 (the RDL 24/2012), for the restructuring and termination of Spanish credit entities. This RDL entered into force on 31 August 2012.

    Filed under:
    Spain, Banking, Insolvency & Restructuring, Latham & Watkins LLP, Memorandum of understanding, Internal control
    Authors:
    Ignacio Pallarés , Manuel Deó
    Location:
    Spain
    Firm:
    Latham & Watkins LLP
    U.S. and U.K. expand cooperation in unwinding failed banks
    2010-01-25

    On January 22nd, the FDIC and the Bank of England announced their agreement to a memorandum of understanding, expanding their cooperation when they act as resolution authorities in resolving troubled deposit-taking financial institutions with activities in the United States and United Kingdom. FDIC Press Release.

    Filed under:
    United Kingdom, USA, Banking, Insolvency & Restructuring, Winston & Strawn LLP, Memorandum of understanding, Federal Deposit Insurance Corporation (USA), Bank of England
    Location:
    United Kingdom, USA
    Firm:
    Winston & Strawn LLP
    High Court approves framework to appoint conflict liquidators
    2016-08-09

    Angel Group Ltd and others concerned a group of companies in Administration where the director asserted that the companies’ bank had “conspired to artificially distress the business”

    The facts

    In the case of Angel Group Ltd and others [2015] EWHC 3624, Administrators from KPMG were appointed to Angel Group Limited and to seven of its subsidiaries. The Bank of Scotland was the only secured creditor, and was owed a residual balance of £20 million.

    Filed under:
    United Kingdom, Insolvency & Restructuring, Litigation, Burges Salmon LLP, Conflict of interest, Commercial property, Memorandum of understanding, Secured creditor, Liquidator (law), Bank of Scotland
    Authors:
    Andrew Eaton
    Location:
    United Kingdom
    Firm:
    Burges Salmon LLP
    Third Circuit holds that a portion of post-petition withdrawal liability in bankruptcy is entitled to priority over general unsecured claims
    2011-10-03

    Recently, the Third Circuit held that withdrawal liability triggered after a bankruptcy filing date may be apportioned to pre- and post-petition service for the debtor, and that the withdrawal liability attributable to post-petition service may be entitled to priority over general unsecured claims under the Bankruptcy Code.  Employers that participate in a multiemployer pension plan should determine the claims impact of withdrawal in light of this court decision and also assess whether filing for bankruptcy protection outside of the Third Circuit is appropriate.  

    Filed under:
    USA, Employee Benefits & Pensions, Insolvency & Restructuring, Litigation, McDermott Will & Emery, Bankruptcy, Employee Retirement Income Security Act 1974 (USA), Debtor, Unsecured debt, Memorandum of understanding, Liability (financial accounting), Collective bargaining agreements, Vesting, Constitutional amendment, Title 11 of the US Code, United States bankruptcy court, Third Circuit
    Authors:
    Raymond M. Fernando
    Location:
    USA
    Firm:
    McDermott Will & Emery
    Royal Decree Law 24/2012 address restructuring and termination of Spanish credit entities
    2012-09-24

    The Spanish Council of Ministers has approved the Royal Decree Law 24/2012 (the RDL 24/2012), for the restructuring and termination of Spanish credit entities. This RDL entered into force on 31 August 2012.

    Filed under:
    Spain, Banking, Insolvency & Restructuring, Latham & Watkins LLP, Memorandum of understanding, Internal control
    Authors:
    Ignacio Pallarés , Manuel Deó
    Location:
    Spain
    Firm:
    Latham & Watkins LLP

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