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    English Supreme Court refuses to enforce U.S. bankruptcy avoidance action judgment
    2012-10-29

    Summary

    The recent judgment of the Supreme Court in the joined cases of Rubin and another v Eurofinance SA and others and New Cap Reinsurance Corporation (in liquidation) and another v A E Grant and others [2012] UKSC 46, issued on 24 October 2012, established that judgments avoiding pre-bankruptcy transactions (“avoidance judgments”) made by non-EU foreign courts (including U.S. bankruptcy courts) have no special enforceability status in England and Wales compared to ordinary judgments.

    Filed under:
    United Kingdom, USA, Insolvency & Restructuring, Litigation, Cadwalader Wickersham & Taft LLP, Debtor, UK Supreme Court
    Authors:
    Richard Nevins
    Location:
    United Kingdom, USA
    Firm:
    Cadwalader Wickersham & Taft LLP
    English Court of Appeal interprets the ISDA Master Agreement
    2012-04-12

    Last week the Court of Appeal of England and Wales handed down its decision in four appeals which raise a number of questions of construction in relation to derivatives in the form of interest rate swaps and forward freight agreements documented under the International Swaps and Derivatives Association Inc. Master Agreement (the “ISDA Master Agreement”).1 In particular, the decision focuses on the interpretation of section 2(a)(iii) of the ISDA Master Agreement.

    Key Points

    Filed under:
    United Kingdom, USA, Derivatives, Insolvency & Restructuring, Litigation, Cadwalader Wickersham & Taft LLP, Condition precedent, Swap (finance), Default (finance), Court of Appeal of England & Wales
    Location:
    United Kingdom, USA
    Firm:
    Cadwalader Wickersham & Taft LLP
    Supreme Court gives protection to all UK client money
    2012-03-02

    On 29 February, the Supreme Court of the United Kingdom handed down its judgment on the treatment of client money that had not been segregated, or was improperly segregated, as at the date Lehman Brothers International (Europe) (“LBIE”) entered administration. The Supreme Court found that:

    Filed under:
    United Kingdom, Capital Markets, Insolvency & Restructuring, Litigation, Cadwalader Wickersham & Taft LLP, MiFID, FSA
    Authors:
    Assia Damianova , Nick Shiren
    Location:
    United Kingdom
    Firm:
    Cadwalader Wickersham & Taft LLP
    MF Global UK enters Special Administration Regime
    2011-11-03

    MF Global UK Limited In Special Administration

    The Financial Services Authority (“FSA”) has confirmed that MF Global UK Limited (“MF Global UK”) has entered the Special Administration Regime created under the Investment Bank Special Administration Regulations 2011 (“Regulations”).1 MF Global UK is the first investment bank to enter the Special Administration Regime. The decision to apply for special administration was initiated by the board of MF Global UK.

    Filed under:
    United Kingdom, Banking, Capital Markets, Insolvency & Restructuring, Cadwalader Wickersham & Taft LLP, Security (finance), Investment banking, Bankruptcy of Lehman Brothers, Beneficial interest, Insolvency Act 1986 (UK), US Department of the Treasury, Lehman Brothers, FSA, KPMG, Bank of England
    Authors:
    Nick Shiren , Assia Damianova , Alix Prentice
    Location:
    United Kingdom
    Firm:
    Cadwalader Wickersham & Taft LLP
    Structured finance subordination provisions upheld by High Court
    2009-08-14

    Introduction

    The High Court1 in England has confirmed the validity under English law of contractual provisions common in structured finance transactions which subordinate payments to a swap counterparty in circumstances where the swap counterparty has defaulted on its obligations under the terms of the relevant swap agreement.

    The Judgment

    Parties

    Filed under:
    United Kingdom, Insolvency & Restructuring, Litigation, Securitization & Structured Finance, Cadwalader Wickersham & Taft LLP, Bankruptcy, Collateral (finance), Security (finance), Swap (finance), Standing (law), Default (finance), Title 11 of the US Code, Insolvency Act 1986 (UK), Lehman Brothers
    Authors:
    Nick Shiren , Assia Damianova
    Location:
    United Kingdom
    Firm:
    Cadwalader Wickersham & Taft LLP
    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, Commodity Exchange Act 1936 (USA), Banking Act 2009 (UK), Federal Deposit Insurance Act 1950 (USA), HM Treasury (UK), Lehman Brothers, FSA, Bank of England
    Location:
    United Kingdom, USA
    Firm:
    Cadwalader Wickersham & Taft LLP
    COVID-19 Update: Planned Changes to UK Insolvency Laws to Enable Companies to Continue Trading
    2020-03-31

    Introduction

    Filed under:
    United Kingdom, Company & Commercial, Insolvency & Restructuring, Cadwalader Wickersham & Taft LLP, Coronavirus
    Location:
    United Kingdom
    Firm:
    Cadwalader Wickersham & Taft LLP
    Corporate insolvency and governance bill
    2020-05-22

    The Corporate Insolvency and Governance Bill was first read to Parliament on 20 May 2020. It is set to be fast tracked into legislation and will likely be law by 10 June 2020.

    Filed under:
    United Kingdom, Company & Commercial, Insolvency & Restructuring, Gowling WLG, Landlord, Coronavirus
    Location:
    United Kingdom
    Firm:
    Gowling WLG
    The year of the administration?
    2019-01-10

    2018 was the "year of the CVA", slashing rents and forcing landlords to get to grips with long-winded CVA proposal documents in an attempt to allow struggling tenants to manage their debts, turn around their businesses and avoid terminal insolvency situations.

    The unfortunate reality is that even if they are approved by landlords and other creditors, not all these CVAs will be successful and many tenants are likely to end up in administration.

    Filed under:
    United Kingdom, Insolvency & Restructuring, Real Estate, Gowling WLG, Insolvency Act 1986 (UK)
    Authors:
    Clive Chalkley
    Location:
    United Kingdom
    Firm:
    Gowling WLG
    Finance litigation briefing - September 2017
    2017-09-06

    Gowling WLG's finance litigation experts bring you the latest on the cases and issues affecting the lending industry.

    Single signature bank mandate binding on partnership

    The High Court has recently considered whether a one signature bank mandate was sufficient to bind a partnership to various loan agreements.

    Filed under:
    United Kingdom, Banking, Insolvency & Restructuring, Litigation, Real Estate, Gowling WLG, Court of Appeal of England & Wales, High Court of Justice
    Location:
    United Kingdom
    Firm:
    Gowling WLG

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