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    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
    A perpetual headache: ‘flip’ clause declared unenforceable by US Bankruptcy Court
    2010-01-28

    The US Bankruptcy Court has issued a declaratory judgment that the relevant clause flipping priority from the swap counterparty to the noteholders constituted an ipso facto provision and was therefore unenforceable – a judgment that produces a different result under US law to that established by the Court of Appeal in the Perpetual Trustee case from November 2009.

    Filed under:
    United Kingdom, USA, Insolvency & Restructuring, Litigation, Freshfields Bruckhaus Deringer, Swap (finance), Constitution, Trustee
    Location:
    United Kingdom, USA
    Firm:
    Freshfields Bruckhaus Deringer
    The anti-deprivation principle and an Atlantic divide
    2009-09-23

    Structured finance transactions frequently subordinate a swap counterparty’s rights to termination payments upon termination of a swap by reason of counterparty default. Such a provision has recently been upheld by an English court. As the case concerns the insolvency of Lehman Brothers however, the US courts must also make a decision on the same provision.  

    Filed under:
    United Kingdom, USA, Derivatives, Insolvency & Restructuring, Litigation, Securitization & Structured Finance, McDermott Will & Emery, Bankruptcy, Collateral (finance), Security (finance), Swap (finance), Debt, Default (finance), Yield (finance), Lehman Brothers, High Court of Justice (England & Wales)
    Authors:
    Kate Lamburn
    Location:
    United Kingdom, USA
    Firm:
    McDermott Will & Emery
    The Banking Act 2009: counterparty rights and insolvent banks
    2009-03-10

    Historically, the United Kingdom has not had a specialised bankruptcy regime for dealing with the failures of financial institutions. Rather, these were handled under the same rules that applied to ordinary corporations.

    Filed under:
    United Kingdom, USA, Banking, Insolvency & Restructuring, Cadwalader Wickersham & Taft LLP, Share (finance), Security (finance), Liability (financial accounting), Liquidation, Broker-dealer, Subsidiary, HM Treasury (UK), Lehman Brothers, FSA, Bank of England, Commodity Exchange Act 1936 (USA), Banking Act 2009 (UK), Federal Deposit Insurance Act 1950 (USA)
    Location:
    United Kingdom, USA
    Firm:
    Cadwalader Wickersham & Taft LLP
    US court considers Pensions Regulator's powers
    2008-11-06

    The US Court has approved a bankruptcy settlement under which a US-listed parent company is liable for the buy-out deficits in its UK subsidiary's pension schemes. Key to the court's considerations was the issue of Financial Support Directions (FSDs) by the UK Pensions Regulator against the US parent company.

    The court decided that:

    Filed under:
    United Kingdom, USA, Employee Benefits & Pensions, Insolvency & Restructuring, Litigation, Dentons, Bankruptcy, Debt, Parent company, Buyout, The Pensions Regulator (UK)
    Location:
    United Kingdom, USA
    Firm:
    Dentons
    Solvent restructuring of Dana’s U.K. pension liabilities
    2007-08-02

    Ohio-based, 102-year-old automobile parts manufacturer Dana Corporation and 40 of its subsidiaries filed for chapter 11 protection in the U.S. in March 2006. Dana’s operations, however, extend well beyond the borders of the U.S. — the company has 46,000 employees in 28 countries. Integrating a complex restructuring of Dana’s U.S. operations in chapter 11 with Dana’s extensive operations and obligations abroad has posed some unique challenges to Jones Day’s restructuring professionals.

    Filed under:
    United Kingdom, USA, Insolvency & Restructuring, Jones Day, Debt, Consent, Liability (financial accounting), Balance sheet, Defined benefit pension plan, The Pensions Regulator (UK), Pension Benefit Guaranty Corporation, Pension Protection Fund
    Location:
    United Kingdom, USA
    Firm:
    Jones Day
    CFTC Approves Proposed Amendments to Its Bankruptcy Rules
    2020-04-17

    At the Commodity Futures Trading Commission (CFTC) open meeting on April 14, the CFTC unanimously approved proposed amendments to Part 190 of its rules governing bankruptcy proceedings of commodity brokers, including futures commission merchants (FCMs) and derivatives clearing organizations (DCOs). The proposed amendments are intended to comprehensively update Part 190 to reflect current market practices. Among other revisions, the proposed amendments to Part 190 would:

    Filed under:
    USA, Derivatives, Insolvency & Restructuring, Katten Muchin Rosenman LLP, Commodity Futures Trading Commission (USA)
    Authors:
    Jack A. West
    Location:
    USA
    Firm:
    Katten Muchin Rosenman LLP
    Legal Corner
    2020-04-17

    Editor’s Note:Legal Corner contains case summaries and analysis of recent court decisions that impact retail leasing and lease administration. These summaries focus on the leasing issues covered in each case and do not include detailed discussions or analysis of the procedural and peripheral issues in the cases.

    Is a Liquidated Damages Clause Enforceable?

    Filed under:
    USA, Insolvency & Restructuring, Legal Practice, Litigation, Real Estate, Goulston & Storrs PC
    Location:
    USA
    Firm:
    Goulston & Storrs PC
    Limiting chapter 11 as a tool for collective resolution of mass tort liabilities
    2024-07-22

    In Harrington v. Purdue Pharma, the US Supreme Court in a 5-4 decision held that the US Bankruptcy Code does not permit a debtor to confirm a chapter 11 plan that releases non-debtors from similar or related claims the creditors could assert directly against them.

    Filed under:
    USA, Insolvency & Restructuring, Litigation, DLA Piper, US Congress, Supreme Court of the United States
    Authors:
    Craig Martin , Rachel Ehrlich Albanese
    Location:
    USA
    Firm:
    DLA Piper
    SDNY Bankruptcy Court strikes down insider releases in chapter 11 plan as improper retention-related transfers
    2024-07-24

    On July 19, 2024, Judge Michael Wiles of the US Bankruptcy Court for the Southern District of New York issued a ruling in In re Mercon Coffee Corporation, Case No. 23-11945, invalidating insider releases in a proposed chapter 11 plan on the basis that the releases were improper retention-related transfers.

    Judge Wiles found that he could not approve the releases – even though the debtors had promised them and insiders had relied upon that promise – because the releases did not meet the strict requirements of Bankruptcy Code Section 503(c).

    Filed under:
    USA, Insolvency & Restructuring, Litigation, DLA Piper, Supply chain, Coronavirus
    Authors:
    Robert Klyman , Scott Shelley
    Location:
    USA
    Firm:
    DLA Piper

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