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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...

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...

A recent Fifth Circuit decision serves as a reminder to loan market participants that they should choose their words very carefully when discussing terms of a trade over the telephone. The Fifth Circuit Court of Appeals recently ruled that a bank loan purchaser...

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...

Clifford Chance scooped a series of prestigious awards at the IFLR Europe Awards dinner in London on 10 April 2013, including the inaugural financial regulation team of the year trophy. IFLR introduced the new award to recognise outstanding regulatory advice and...

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...

Unsere Januarausgabe greift ein Thema auf, das gerade im Krisenfall große Bedeutung hat: die Verjährung von Ansprüchen aus einer Gewährleistungsbürgschaft. Hier kann es zu unliebsamen Überraschungen kommen, wenn ein Bauherr die...

A proposal to update the EU Insolvency Regulation was announced in December with the intention of making it easier for viable businesses in financial difficulties to restructure. It is hoped that the proposal will stem the current loss of 1.7 million jobs and...

Recently the Bankruptcy Trustees of Lehman Brothers Treasury Co. BV published the 14th public report in the bankruptcy of LBT. The key messages are that:  The Composition Plan has been published  The Filing and Voting Instructions have been published ...

When looking at a distressed credit, determining creditor priority becomes key. The focus is not just on realising value, but on who has control of that realisation process. In a recent case (Saltri III Ltd v MD Mezzanine SA Sicar & Ors [2012] EWHC...