Chapter 15 of the Bankruptcy Code provides a valuable tool for non-US entities going through foreign insolvency proceedings when they have assets located in the United States. Chapter 15 can protect the value of US assets by granting a stay of actions against those assets during the concurrent administration of a complementary US insolvency process with that of the original foreign insolvency proceeding.
According to a February 22 ruling by the Bankruptcy Court for the Southern District of New York, foreign banks with a U.S. branch or agency are ineligible for Chapter 15 recognition.
HFW DISPUTES DIGEST 2023
Welcome to the second annual Disputes Digest, in which we collate our 2023 global HFW LITIGATION and International Arbitration publications in one place.
This edition includes updates from across our Disputes arena, including England and Wales, BVI, AsiaPac, and the Middle East.
2023 Restructuring & Insolvency Year in Review Year starts with fears of banking collapse contagion State-backed rescue deal for Credit Suisse announced 10 March 19 March Silicon Valley Bank, centred in California and focussed on funding venture capital and startups, was shut down by its local regulator on 10 March 2023 with the Federal Deposit Insurance Corporation appointed as receiver and the UK bank was sold to HSBC over the course of a weekend. Crypto-exposed Silvergate Bank and Signature Bank both followed suit – all within the span of five days.
ntroduction The priority of governments and financial authorities around the world in 2023, including in Canada, has been to reduce inflation while monitoring and addressing financial sector risks. The Bank of Canada estimates that inflation will likely remain near 3% through 2024, given strong household spending levels supported by tight labour markets, population growth and high levels of accumulated household savings.
The US appears likely to enter a default cycle in the near future, according to senior fund managers and economists. A recent bout of M&A transactions involving chapter 11 cases point in the same direction. Taking deals involving bankruptcy cases as a proxy for distressed M&A, 16 such transactions were announced in the US in Q1, up 14.3 percent year on year, according to Dealogic. The aggregate value of those deals reached US$1.8 billion, a gain of 76 percent from the same period in 2023.
"Comity" is a principle of jurisprudence whereby, under appropriate circumstances, one country recognizes within its borders the legislative, executive, or judicial acts of another nation. Many recent court rulings have examined the indispensable role of comity in the context of foreign bankruptcy or insolvency proceedings that have been "recognized" by U.S. courts during the two decades since the enactment of chapter 15 of the Bankruptcy Code. However, U.S.
The Bankruptcy Code bars certain individuals or entities from filing for bankruptcy protection, generally because they do not reside or have a place of business or property in the United States, fail to satisfy certain debt thresholds, or are business entities, such as banks and insurance companies, subject to non-bankruptcy rules or regulations governing their rehabilitation or liquidation.
Whilst AI is leading the agenda when it comes to the future of technology, fintech still remains the ace in the pack for investors. In fact, fintech businesses contribute more than £10 billion to the UK economy every year – supporting 76,000 jobs.
Fintechs also tend to outperform firms in other sectors too, with an annualised growth rate of 16% over the past decade, against 1.3% for the average SME.
前言
美国时间3月10日，加州金融保护与创新部宣布关闭美国硅谷银行（SVB），由联邦存款保险公司接管硅谷银行，原因是流动性不足和资不抵债。值得注意的是，硅谷银行作为服务于美国甚至全球创投圈的专业性银行，其关闭和破产犹如一块巨石在创投圈砸出了巨大的水花，并且波及整个水面。美国著名创投公司Y Combinator CEO将硅谷银行破产事件称为“初创公司的灭绝性事件”。
据相关媒体报道，位于北京的一家创投基金负责人向记者表示，受硅谷银行事件牵连，国内个别创投机构在硅谷银行仍有存款或者其他相关业务，正忙着处理资金问题。从私募基金的角度而言，我们不禁担忧：硅谷银行的此次破产事件是否可能影响由其托管的私募基金的财产安全呢？该事件对境内的私募基金又有哪些警示呢？对此，本文拟梳理境内私募基金托管法规和自律规则，并就相关风险提供专业建议。
一、私募基金托管“三问”
1、第一问：哪些类型的私募基金必须托管？
根据《私募投资基金监督管理暂行办法》1、《私募投资基金备案须知》2等相关规定，目前四类私募基金必须或者原则上必须托管：
(1）契约型私募投资基金