In this case the High Court had to consider the mutual recognition provision in the EU Bank Recovery and Resolution Directive ("BRRD") and the Winding Up Directive for Banks (WUD) which provide for how the insolvency of EEA banks should be managed by member states.
This case highlights the different tensions that arise in the aftermath of the collapse of Banco Espirito Santo ("BES") between how creditors are treated under the BRRD and WUD and the flexibility given to central banks to restructure good and bad debts when a bank fails.
Current state of play
Following on from our recent blog on ‘How the UK General Election Might Influence the Recast Insolvency Regulation’ and whether the UK will still be part of the EU in 2017 when it comes into force, we consider the ‘hokey cokey’ of the upcoming EU referendum.
1. The characterisation of art. 1(1) ERIP and role of the Annex
Análisis GA&P | Julio 2015 1 N. de la C.: En las citas literales se ha rectificado en lo posible —sin afectar al sentido— la grafía de ciertos elementos (acentos, mayúsculas, símbolos, abreviaturas, cursivas...) para adecuarlos a las normas tipográficas utilizadas en el resto del texto. 1.
The Insolvency Regulation aims to establish procedural rules on jurisdiction and applicable law in relation to insolvency proceedings, and to aid the mutual recognition of cross-border insolvency proceedings in EU Member States. It is intended to deter parties from forum shopping within the EU in relation to insolvency proceedings. However it does not seek to harmonize substantive insolvency law.
ADVISORY | DISPUTES | TRANSACTIONS Financial Litigation roundup Spring 2015 Welcome to the latest edition of our Financial Litigation roundup. In this edition, we consider recent judgments and ongoing cases from the banking and financial world in the UK and Asia, as well as regulatory developments across those jurisdictions. English judgments SPL Private Finance (PF1) IC Limited and others v Arch Financial Products LLP and others; SPL Private Finance (PF2) IC Ltd and other v Robin Farrell. more> McWilliam v Norton Finance (UK) Ltd (in liquidation).
spring 2015 contentious business update hilldickinson.com Law in Action Page 6 Consumer Rights Bill - all change? Page 8 Mediation – when is it reasonable to refuse? Page 12 Serious Fraud Office (SFO) -vWest, Stone and Sustainable Agro Energy plc (SAE) Gary West, the chief commercial officer of SAE and Stuart Stone, director of SJ Stone Ltd, were convicted of offences under the Bribery Act 2010 in the context of an overall prosecution for fraud against officers of SAE.
Proprietary trading. Reuters reported that Latvia, which currently holds the European Union presidency, opposes a proposal that would prohibit European banks from engaging in proprietary trading. (3/31/2015) Proprietary trading.
The European Court of Justice has today given its decision in the “Woolworths case” on the duty to consult collectively under the Collective Redundancies Directive, in particular defining the meaning of “establishment” for the purposes of determining when that duty is triggered.