Insolvency

News & Analysis as of

The Australian federal government to review security of payment legislation

The Australian federal Minister for Employment, the Hon. Michaelia Cash, has announced a review into security of payment legislation in the building and construction industry. Mr John Murray AM has been appointed to conduct...more

Expect the Unexpected: The Year Ahead for the Financial Institutions Sector

With contributors across the sector and the globe, we've compiled a review of some of the developments that will affect financial institutions in 2017 and beyond. The one thing that 2016 taught us was to expect the...more

The Devil's Dictionary of Bankruptcy Terms: Zone of Insolvency

The "Devil's Dictionary" is a quick-reference guide for commercial lenders and other restructuring professionals. In this series, we highlight many of the buzz words found in the Dictionary and used in today's bankruptcy...more

2016 Arbitration Roundup in Australia

In 2016, the Australian courts were at the forefront of maintaining Australia's stronghold as a pro-arbitration jurisdiction. This was notably demonstrated in three Federal Court decisions, which also served as a salutary...more

Modernised UK Insolvency Rules Arriving April 2017

The updated UK Insolvency Rules 2016 will come into force on 6 April 2017. The new rules have four aims: - to reflect modern business practice and increase efficiency; - to restructure and modernise the 1986...more

It’s a Wrap – The Year in India That Was

Key developments in the Indian legal landscape in 2016 - From the Startup India campaign launched in January 2016 to the coming into force of substantial provisions of the Insolvency and Bankruptcy Code in December 2016,...more

Using Arbitration to Resolve International Financing Disputes

Parties to international financial transactions have, subject to limited exceptions, historically been reticent to choose international arbitration as a means of dispute resolution in their agreements. In recent years,...more

US Lenders - Missing Parenthesis Could Cost You a Bundle

As the case of NNN Realty shows, years of litigation and legal costs could be avoided with proper use of punctuation marks. A lender made a secured real estate loan to several entities who owned the real estate as tenants in...more

Financial Services Quarterly Report - Fourth Quarter 2016: European Commission Proposes to Harmonise Insolvency Laws across Member...

The European Commission (EC) announced proposals on 22 November 2016, which are intended to harmonise national insolvency laws across the EU through a proposed directive “on preventative restructuring frameworks, second...more

Proof Again That Small Plans and Their Fiduciaries Can Get Sued

I’ve heard of for years on how small 401(k) plans and their plan fiduciaries don’t get sued. While they are never going to be the target for a class action lawsuit because they don’t have enough assets to justify an ERISA...more

New German Law on Close-Out Netting in the Event of Insolvency

On 16 December 2016 an act amending the insolvency laws applicable to financial derivatives transactions passed the Bundesrat (the second chamber of the German legislature). The new law was finalised only six months after the...more

Technology Law Newsletter

As this election year draws to a close, forecasting the future is a topic of discussion, not only in political circles, but in technology circles as well. To chart the best way forward, it is important to understand...more

8 Things You Need To Know About EU's Insolvency Proposal

Did the European Commission read our article this summer? Because in November, harking back two years to its “recommendation,” which most of the industry had forgotten, the commission, now by directive, will mandate European...more

Shaping MREL for European (and non-European) Banks

The European Commission (“Commission”), on 23 November 2016, released its legislative proposals to amend the EU’s Bank Recovery and Resolution Directive (“BRRD”) to provide more detailed rules relating to the setting of MREL...more

Managers of insolvent Missouri LLCs have no fiduciary duty to creditors

Two recent federal court decisions establish that managers of financially troubled Missouri limited liability companies do not owe a fiduciary duty to creditors of their troubled enterprises. Imperial Zinc Corp. v. Engineered...more

Five Things You Should Know for 2017 About Cross-Border IP Licensing and Insolvency Law

Brexit. Trump. The year 2016 can be characterized as one of unpredicted results and impending uncertainty. In June, the UK electorate voted to leave the European Union and in November, a tumultuous presidential campaign in...more

India Implements Radical Reforms to Insolvency and Rehabilitation System

With a new Insolvency and Bankruptcy Code that has become effective on 1 December 2016, India seeks to expedite the process for creditors seeking payment or foreclosure through the courts. India is currently a tough...more

Legal issues for those running construction businesses

Insolvency issues - A review of the corporate insolvency regime: our Insolvency team recently responded to the government consultation on options for reform of the UK's corporate insolvency regime. It wants the UK to...more

How to enforce adjudication decisions and deal with insolvency

Adjudications on the increase - Anecdotal evidence suggests that adjudications are still on the increase. This increase is supported by the statistics in the Adjudication Society's 15th report, which shows a 5 per cent...more

Long Anticipated Bankruptcy Law Goes Into Effect

On 20 September 2016, the new Bankruptcy Law (the Law) for the UAE was enacted. The Law was gazetted on 29 September 2016 and comes into effect on 31 December 2016. The Law will be supplemented by procedural regulations to be...more

Clarity on Clawback Claims in Cayman

The Cayman Islands Court of Appeal recently smoothed the path for Cayman liquidators to pursue clawback claims. The decision clarifies the Cayman courts’ approach to voidable preference payments, making it easier for Cayman...more

Pensions Ombudsman Round-Up - October 2016 (UK)

Welcome to the latest edition of DLA Piper’s monthly newsletter – Pensions Round-Up – in which we provide an overview of developments in pension legislation, case law and regulatory guidance. In this edition we look at...more

HM Treasury Consults on New Rules for Financial Market Infrastructure Special Administration Regime

HM Treasury published a consultation paper on rules for a financial market infrastructure special administration regime. A form of special administration for certain financial market infrastructure companies, excluding...more

Global Insight, Issue 18

The current decline in oil prices, which continues to show no signs of a long-term reversal, is having unexpected and unwanted consequences, many of which may turn into long-lasting troubles for the oil and gas industry,...more

Italy Significantly Implements Floating Charge and Repossession Agreements and Amends Credit Recovery Proceedings

Italy’s latest law reforms continue with creditor-friendly amendments to support the local banking sector while providing confidence to investors. Decree Law No. 59/2016 (the so-called “Banks Decree,” hereinafter the...more

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