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May the Trustee’s Personal Debt to the Trust Owed as a Result of a Breach of Trust be Discharged in Bankruptcy?

The U.S. Bankruptcy Code provides that a personal debt is not dischargeable if the debt had been occasioned by the debtor’s defalcation while acting in a fiduciary capacity. Courts of appeals had long disagreed about the...more

HM Treasury Consults on Sanctions for Directors of Failed Banks

On July 3, HM Treasury published a consultation paper on sanctions for the directors of failed banks. ...more

Pension Plan Restructuring (Part III) - Plan Conversions

This is the third post in my series on pension plan restructuring (for prior posts see April 12, 2012 and June 8, 2012). In this post, I will examine the basics of converting your defined benefit (DB) plan to a defined...more

“Abandon hope all ye who enter here?” – First Practical Experiences with the New German Bond Restructuring Act

In response to a need for a modern bond restructuring law permitting extensive financial restructurings outside formal insolvency law proceedings, the German legislator introduced a new German Bond Restructuring Act...more

Client Alert: New Judicial Interpretations of the PRC Company Law and Its Focus

The Supreme People’s Court of the People’s Republic of China (the “Supreme People’s Court”) issued Provisions of the Supreme People's Court Regarding Certain Issues Concerning the Application of the Company Law of the...more

The new German laws governing the restructuring of companies – it’s time for change!

On the bill of the Federal German Government for an Act Serving the Further Facilitation of the Reorganization of Enterprises (ESUG) Now that the Federal Government’s bill for the Gesetz zur weiteren Erleichterung der...more

China’s NDRC Adopts New Measures to Further Regulate Equity Investment Enterprises in Pilot Regions

On January 31, 2011, China’s National Development and Reform Commission (NDRC) issued a “Notice on Further Regulating the Development and Record-Filing Administration of Equity Investment Enterprises in Pilot Regions” (the...more

Living With 'Living Wills'

The Dodd-Frank Act (the "Act") contains several provisions creating significant compliance challenges for covered financial institutions. Some of the measures will impose novel responsibilities. Some may change the way firms...more

FDIC Board Approves Proposed Rule on "Living Wills" and Credit Exposure Reports for Large Organizations; Announces Remedies for...

The Board of Directors of the Federal Deposit Insurance Corporation (FDIC) approved on March 29 a joint Notice of Proposed Rulemaking (NPR) for covered systemic organizations to file and report resolution plans and credit...more

Turnaround or Fall Over? Corporate Debt Restructuring through a Company Voluntary Agreement

In the current economic climate most businesses will experience temporary or longer term cash flow pressure resulting in stressful trading and creditor pressure. Managing creditors within reasonable cash flow parameters...more

Dodd-Frank Act Creates Significant Changes in Bankruptcy Law Affecting Derivatives and Other Trading Counterparties

After months of negotiations and conferences among key legislators, President Obama signed into law a final version of regulatory reform legislation on July 21, 2010. More than 2,000 pages long, the “Dodd-Frank Wall Street...more

Treasury Issues Final Consultation on Investment Firms Insolvency Arrangements

On September 16, HM Treasury published its third consultation on new insolvency arrangements for investment firms. The consultation sets out the government’s final proposals for a special administration regime (SAR) for...more

Massachusetts Governor Signs Legislation to Increase Penalties against Noncompliant Public Charities, Fundraisers, and their...

On July 19, 2010, Massachusetts Governor Deval Patrick signed legislation that increases the penalties against public charities and responsible directors, trustees, officers, and other agents of charities that fail to file an...more

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