For more information, please contact the relevant Herbert Smith Freehills partner referred to in the contact list or Simone Pearlman, head of legal knowledge on +44 (0) 20 7466 2021 or email simone. [email protected]. This is a guide to key legal developments in the coming months and years ahead (UK perspective).
Brexit
The potential impact of Brexit on securitization transactions
Impact of the referendum
Following the vote in the UK referendum on 23 June 2016 to leave the EU, there is some uncertainty as to how this will impact transactions.
Recent Developments
On January 19, 2012, the Versailles' Court of Appeals confirmed that CMBS borrower, Heart of la Défense SAS (Hold), and its Luxembourg parent company, Dame Luxembourg Sarl (Dame), were entitled to Court protection in France under Safeguard Proceedings (sauvegarde). Safeguard is a French pre-bankruptcy process that resembles the U.S.
The confirmed number of persons in Russia infected with SARS-CoV-2/Covid-19 (Corona) exceeds 6,000. Many people and enterprises are affected by non-working days, lock down measures and the resulting direct and indirect impact on work, business and finances. This summary highlights some recent legal issues in connection with the Corona crisis in Russia.
Quarantine and lock down measures
Publicaciones de Hogan Lovells | 01 abril 2020
Algunas cuestiones de interés en relación con el impacto del COVID-19 en las financiaciones estructuradas
El impacto del virus COVID-19 está siendo significativo en todo tipo de industrias y lugares del mundo y, por consiguiente, surgen también muchas cuestiones que analizar en el ámbito de las financiaciones estructuradas.
On September 18, 2009, a number of amendments to Canada's Bankruptcy and Insolvency Act (BIA) and Companies Creditors Arrangement Act (CCAA) came into force. The amendments were passed in 2005 and 2007 but, aside from a few provisions that became effective in July 2008, the amendments sat dormant, awaiting proclamation into force. Pursuant to Order in Council P.C. 2009-1207, almost all of these amendments have now been brought into force. Some of these provisions will be of interest to participants in the securitization market.
The Ontario Court of Appeal has approved a creative use of the Companies’ Creditors Arrangement Act (CCAA) designed to unfreeze the $32-billion Canadian market for asset-backed commercial paper (ABCP).
As has been widely publicized, the Canadian ABCP market froze in August 2007 as a result of concerns in world credit markets arising from the US subprime mortgage crisis. After the market froze, a Pan-Canadian Investors Committee was formed to attempt to restructure it.
On June 5 2008 the Ontario Superior Court of Justice approved a plan concerning failed assetbacked commercial paper (ABCP). The restructuring called for in the plan can therefore proceed immediately, subject to any appeals from the court approval. This update is a brief survey of the key developments in the efforts to rescue the affected Canadian market for ABCP, which broke down in August 2007.
Breakdown of Market and the Montreal Accord
In the Spring of 2007, Canada’s Parliament amended several federal insolvency statutes so as to transfer the definition of the class of protected contracts known as “eligible financial contracts” (EFCs) from the federal insolvency statutes themselves to their respective associated regulations. On November 15, the Treasury Board approved the finalized regulations to the Bankruptcy and Insolvency Act, the Winding-up and Restructuring Act, the Companies’ Creditors Arrangement Act, and the Canada Deposit Insurance Corporation Act.