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The new paragraph of Article 90.1.6 What are the immediate consequences of the Reform Law, if its current terms are maintained? What creditors will be affected? Collateral effects of the controversy derived from the new wording of Article 90.1.6 Conclusions...

El nuevo párrafo del art. 90.1.6. ¿Cuáles son las consecuencias inmediatas de la Ley de Reforma, si la misma se mantiene en sus términos actuales. ¿Quiénes serían los acreedores afectados? Efectos colaterales...

This client briefing provides answers to the questions most frequently raised by Russian and foreign investors in connection with the insolvency of their Russian corporate counterparties and gives an overview of the most provisions of the Russian insolvency regime...

On 1 March 2011 the UK Financial Services Authority (FSA) published a new rule in its Client Assets Sourcebook (CASS 6.3.5R), which requires a UK firm that holds securities on behalf of its underlying clients (a “Firm”) to ensure that any third party custodian...

Using a scheme of arrangement, an English law pre-insolvency procedure, to reduce the complexity of international restructurings is growing in popularity. In the context of a restructuring, a scheme of arrangement will operate as a statutory contract between...

On 27 July, the Supreme Court handed down its long awaited judgment in the case Belmont Park Investments PTY Limited -v- BNY Corporate Trustee Services Limited and Lehman Brothers Special Financing Inc (LBSF). Although there were no surprises – the decision...

On 19 October the Supreme Court handed down its judgment in the case of Re Kaupthing Singer and Friedlander Limited (in administration)[2011] UKSC 48. The appeal was concerned with a long standing principle of insolvency law known as the rule against double proof...

On 14 October, the Court of Appeal decided unanimously that pension liabilities arising post insolvency as a result of the Pensions Regulator's moral hazard powers were to maintain their super priority ahead of all creditors other than those with a fixed...

Die Entwicklung des Energieversorgers TelDaFax hat gezeigt, dass selbst die allgemein doch als krisensicher geltende Tätigkeit der Energieversorgung in der Insolvenz enden kann. In einem solchen Fall der Insolvenz eines Lieferanten stellen sich für alle...

Just as the Summer begins and ahead of Parliament's long break, rules governing the special administration process designed to deal with failing investment banks have come into effect. The rules set out the procedural steps aimed at improving recoveries from any...