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    FSA consults on guidance on liquidity swaps
    2011-07-29

    FSA has published a guidance consultation on the prudential treatment of liquidity swaps. According to the FSA, a liquidity swap involves a liquidity transformation. Typically they involve transactions between an insurer and a bank whereby high-credit quality, liquid assets (such as gilts) held by an insurer is exchanged with illiquid or less liquid assets (such as asset-backed securities (ABS)) held by a bank. The proposed guidance will apply to all regulated firms transacting liquidity swaps (not just banks and insurers) and the deadline for responses is 21 September 2011.

    Filed under:
    United Kingdom, Banking, Derivatives, Insolvency & Restructuring, Insurance, Dentons, Market liquidity, Swap (finance), Asset-backed security, Credit rating, FSA
    Location:
    United Kingdom
    Firm:
    Dentons
    Guarantees – time to brush up the non-competition clause
    2010-06-09

    Financial guarantees often contain non-competition clauses. This is mainly to:  

    • increase the financier’s recoveries from its principal debtor, by stopping the guarantor from draining money from the principal debtor; and  
    • prevent the guarantor from obstructing a restructuring of the principal debtor’s liabilities.  

    A recent case suggests these clauses should expressly exclude the “rule in Cherry v. Boultbee”. Zoë Thirlwell and Alexander Hewitt explain.

    Counter-indemnity rights  

    Filed under:
    United Kingdom, Insolvency & Restructuring, Litigation, Dentons, Surety, Debtor, Liability (financial accounting), HSBC, Trustee
    Authors:
    Zoe Thirlwell , Alexander Hewitt
    Location:
    United Kingdom
    Firm:
    Dentons
    Treasury makes Financial Markets and Insolvency Regulations
    2009-04-09

    Treasury has made a new set of Financial Markets and Insolvency Regulations that change the insolvency regime that applies to RIEs and RCHs. The Regulations amend several existing pieces of legislation including Part VII Companies Act 1989 and the 1991 Regulations. The changes include:  

    Filed under:
    United Kingdom, Capital Markets, Insolvency & Restructuring, Dentons, Bankruptcy, Liquidation, Default (finance), Companies Act
    Authors:
    Matthew Hodgson , Robert Finney
    Location:
    United Kingdom
    Firm:
    Dentons
    Wrongful trading suspension 're activated' by UK Government leaving directors with a 2-month "gap" in protection during COVID 19 pandemic
    2020-11-26

    Today, new legislation comes into force* that provides directors of companies in financial difficulty with a second breathing space from the financial impact of the wrongful trading provisions.

    Filed under:
    United Kingdom, Insolvency & Restructuring, Dentons, Coronavirus
    Authors:
    Neil Griffiths , Ian Fox , Tessa Blank , Luci Mitchell-Fry
    Location:
    United Kingdom
    Firm:
    Dentons
    Implications of proposed moratorium and exclusion of directors' liability in the UK
    2020-04-07

    On 28 March 2020 the UK government announced that emergency measures will be implemented to provide protection to directors of companies which continue to trade notwithstanding the threat of insolvency, and to prevent, where possible, companies entering into insolvency due to COVID-19.

    The proposed measures are as follows:

    Filed under:
    United Kingdom, Insolvency & Restructuring, Dentons, Corporate governance, Coronavirus
    Authors:
    Derek McCombe , Neil Griffiths , Ian Fox , Tessa Blank , Celia Hayward , Richard Pallot-Cook , Douglas Blyth
    Location:
    United Kingdom
    Firm:
    Dentons
    Judgments - July 6th 2017 - Effective service by fax and valuation of securities in repo transactions
    2017-07-06

    LBI EHF (in winding up) v. Raiffeisen Zentralbank Österreich AG and Raiffeisen Bank International AG [2017] EWHC 522 (Comm)

    Filed under:
    United Kingdom, Capital Markets, Insolvency & Restructuring, Litigation, Dentons
    Authors:
    Clare Stothard , Steven Mills , Felicity Ewing
    Location:
    United Kingdom
    Firm:
    Dentons
    The small business, enterprise and Employment Act
    2015-05-22

    When will the insolvency-related provisions come into force?

    Following Parliamentary approval in March 2015, there has been a level of uncertainty around the implementation timeline for certain company law and insolvency provisions. In particular, many of the changes to the Insolvency Act 1986 will come into force without transitional provisions and so will apply automatically to existing insolvency proceedings.

    Filed under:
    United Kingdom, Insolvency & Restructuring, Dentons
    Authors:
    Rachel Anthony , Sarah Lawson
    Location:
    United Kingdom
    Firm:
    Dentons
    Financial restructurings of foreign companies through English schemes of arrangement
    2013-10-08

    Lending to a foreign company? If you choose English law to govern your facility documents and provide for the English court to have exclusive jurisdiction, an English scheme may be a viable means of restructuring the debt later, if the need arises.

    Filed under:
    United Kingdom, Insolvency & Restructuring, Dentons, Conflict of laws, Debt, Exclusive jurisdiction, Insolvency Act 1986 (UK)
    Authors:
    Rachel Anthony , Luci Mitchell-Fry , Ian Fox
    Location:
    United Kingdom
    Firm:
    Dentons
    Employer debt – timing the calculation
    2012-03-26

    Pension scheme assets can rise and fall. So can liabilities. The timing of the section 75 debt calculation is, therefore, critically important to the ability of the scheme to meet its liabilities.

    So when should trustees calculate their section 75 debt? Can they use one date to calculate scheme assets and choose a different date to calculate the cost of buying out the scheme’s liabilities?

    Filed under:
    United Kingdom, Employee Benefits & Pensions, Insolvency & Restructuring, Litigation, Dentons, Debt, Liability (financial accounting)
    Authors:
    Alan Jarvis , Elmer Doonan , Andrew Patten , Harriet Fletcher
    Location:
    United Kingdom
    Firm:
    Dentons
    Contribution notices: the Bonas case and its aftermath
    2011-07-21

    TPR settled its dispute with Michael Van de Wiele (VdW) in relation to its UK pension scheme and issued a Contribution Notice (CN) for £60,000. Although this is significantly less than the £21 million originally sought and the £5.08 million decided by the Determinations Panel, TPR says it is “business as usual” for the use of its statutory anti-avoidance powers. A settlement at this level might be viewed as a defeat for TPR and an indication that CNs are not a potent weapon to deal with the avoidance of employer debts. That view would be seriously misguided.

    Filed under:
    United Kingdom, Employee Benefits & Pensions, Insolvency & Restructuring, Litigation, Dentons, Debt, Liability (financial accounting), Liquidation, Market value, Trustee
    Authors:
    Elmer Doonan , Alan Jarvis , Andrew Patten
    Location:
    United Kingdom
    Firm:
    Dentons

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