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Silicon Valley Bank and Signature Bank’s Receiverships: Frequently Asked Questions
2023-03-15

This FAQ has been updated to take account of developments through March 15, 2023.

Filed under:
USA, Banking, Insolvency & Restructuring, Covington & Burling LLP, Receivership, Federal Deposit Insurance Corporation (USA), Silicon Valley Bank
Location:
USA
Firm:
Covington & Burling LLP
View Original Article
Silicon Valley Bank as a test case for New Zealands Deposit Takers Bill
2023-03-17

Background

Last Friday in California, Silicon Valley Bank (SVB) was shut down by its local regulator and the Federal Deposit Insurance Corporation (FDIC) was appointed as receiver. Urgent regulatory action to prevent systemic risk in the USA and UK has followed.

Filed under:
New Zealand, USA, Banking, Insolvency & Restructuring, Receivership, Federal Deposit Insurance Corporation (USA), Silicon Valley Bank
Location:
New Zealand, USA
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
Will Changes to the Option To Tax Regime Impact UK Insolvency Sales?
2023-02-28

Where a commercial property is sold by a receiver or insolvency practitioner (IP), VAT must be charged on the sale if the owner had exercised and properly notified an option to tax (OTT) in respect of the property. The IP acting on behalf of the seller needs to establish whether an OTT has been made and notified so that VAT is charged , if needed.  This can be difficult if company records are in disarray, directors of the insolvent company are non-cooperative and/or the IP or receiver has limited knowledge of the property and company.

Filed under:
United Kingdom, Insolvency & Restructuring, Tax, Squire Patton Boggs, Value added tax, Insolvency, Receivership, HM Revenue and Customs (UK)
Authors:
Rachael Markham
Location:
United Kingdom
Firm:
Squire Patton Boggs
View Original Article
Supreme Court of Canada rules construction arbitration agreement “inoperative” in the face of insolvency proceedings
2023-02-09

The Supreme Court of Canada's ("SCC") recent decision in Peace River Hydro Partners v.

Filed under:
Canada, British Columbia, Insolvency & Restructuring, Litigation, Gowling WLG, Receivership, Supreme Court of Canada, British Columbia Court of Appeal
Authors:
Sahil Shoor , Michael Piaseczny
Location:
Canada
Firm:
Gowling WLG
View Original Article
Ontario Superior Court of Justice: word of caution regarding sealing orders
2022-09-08

In the receivership proceedings of Distinct Infrastructure Group Inc.

Filed under:
Canada, Ontario, Insolvency & Restructuring, Litigation, Borden Ladner Gervais LLP, Mediation, Insolvency, Receivership, Supreme Court of Canada, Ontario Superior Court of Justice
Authors:
Roger Jaipargas , Charlotte Chien
Location:
Canada
Firm:
Borden Ladner Gervais LLP
View Original Article
Grand Court of the Cayman Islands reconfirms Flexible Balance Sheet Insolvency Test for Segregated Portfolios
2022-10-27

The Grand Court of the Cayman Islands (Kawaley J) handed down a recent decision appointing receivers over a segregated portfolio, in the case of In the Matter of Green Asia Restructure Fund SPC[1].

Filed under:
Cayman Islands, Insolvency & Restructuring, Litigation, Walkers, Receivership
Location:
Cayman Islands
Firm:
Walkers
View Original Article
Grand Court further develops insolvency test for Cayman Islands segregated portfolio companies
2022-08-30

Introduction

Filed under:
Cayman Islands, Company & Commercial, Insolvency & Restructuring, Litigation, Ogier, Insolvency, Receivership
Authors:
Gemma Lardner , Max Galt
Location:
Cayman Islands
Firm:
Ogier
View Original Article
Construction owner receivership: Clarifying construction lien holdback priority when there are multiple building mortgages
2022-08-23

It is common for construction project owners to finance projects through multiple mortgages, especially in times of rising construction costs. However, when an insolvency situation arises, holdback priority claims from contractors and subcontractors are particularly complex when there are multiple building mortgages involved. The Ontario Superior Court (Commercial List) provided new clarity in this regard in its April 29, 2022 decision in BCIMC Construction Fund Corp. et al.

Filed under:
Canada, Construction, Insolvency & Restructuring, Litigation, Projects & Procurement, Gowling WLG, Insolvency, Receivership
Authors:
Sahil Shoor , Michael Piaseczny
Location:
Canada
Firm:
Gowling WLG
View Original Article

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