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The Court of Appeal has unanimously decided that it may appoint English administrators to a Jersey company, upon the request of the Jersey Court.  This overturns a controversial decision from just last month, where a formal request from the Jersey Court...

Clifford Chance, in conjunction with the Asia Securities Industry & Financial Markets Association (ASIFMA), has conducted a survey of eight key Asian jurisdictions to obtain an overview of the insolvency regimes and resolution powers available in relation...

Clifford Chance advised a consortium of banks led by Portigon AG on the restructuring of Kruse Group, based in Balve (North Rhine-Westphalia), and the subsequent sale of the loan receivables to Stockmeier Group. Kruse Group, which is active in the chemical,...

The Supreme Court has unanimously affirmed the Court of Appeal's decision on the test for balance sheet insolvency under section 123(2) of the Insolvency Act 1986 finding that Eurosail was not balance sheet insolvent. Of practical importance to borrowers...

This paper considers the techniques which are – or should be – available for the resolution of banks which are primarily funded through retail deposits. Some (often the majority) of these deposits will be protected through a Deposit Guarantee Scheme...

Earlier this week, the Court of Appeal upheld the first instance decision of Mr Justice Hamblen in Azevedo v Imcopa Importacao and others, confirming that payments of consent fees in exchange for votes in favour of amendments to the terms of debt securities were...

The German Federal Ministry of Finance (Bundesfinanzministerium) has released a first draft Act on Ring-Fencing and on Recovery and Resolution Planning for Credit Institutions (Entwurf eines Gesetzes zur Abschirmung von Risiken und zur Planung und Sanierung und...

Vláda České republiky předložila Parlamentu ČR návrh rozsáhlé novely InsZ, jejímž předmětem je revize InsZ za dobu od nabytí jeho účinnosti. Tento dokument byl zařazen k projednání Poslaneckou...

In a recent decision, the Czech Supreme Court had the opportunity to interpret the term "known creditors" as used by Article 40 of the European Insolvency Regulation 1346/2000. Under that provision, "known creditors" domiciled within the EU...

More than a year after the appointment of special administrators in relation to the UK broker MF Global UK Limited, clients with client money claims held on trust at the firm were still unclear as to how much they were entitled to receive. The delay was a result...