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White & Case LLP

South African Bank and Bank Controlling Company Flac Instruments: Contractual Recognition of the South African Reserve Bank’s...

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The Prudential Authority of South Africa (the "Prudential Authority") published Draft Prudential Standard RA03 entitled "Flac Instrument Requirements for Designated Institutions" (the "Draft Flac Standard") in December 2023...more

Mayer Brown

Managing Sovereign Immunity Risk on a Transaction – What Commercial Parties Need to Know

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AT A GLANCE - State involvement in commercial transactions continues to increase and remains an area of distinct legal risk for commercial parties. The nature of a state's role on any transaction may vary and its...more

Poyner Spruill LLP

Trends in a “Pray and Delay” Economy

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2023 and the start of 2024 presented challenging economic conditions to the market, with debt costs at a historic high.  Following a series of increases over the last two years, the Federal Reserve’s federal funds rate is...more

Mayer Brown

Private Credit Reporting Requirements Proposed by US Banking Regulators

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On December 27, 2023, the US federal banking regulators proposed a new set of reporting requirements for bank loans and commitments to private credit lenders and intermediaries....more

Awatif Mohammad Shoqi Advocates & Legal...

What Are the Legal Consequences of Defaulting on a Bank Loan in the UAE?

Introduction In the UAE, defaulting on a bank loan is regulated by two important laws: Federal Decree-Law No. 42/2022 on Civil Procedure Law and Federal Decree-Law No. 50/2022 on Commercial Transactions, specifically Bank...more

Bennett Jones LLP

Is Pricing All That Matters When Borrowing?

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For many borrowers, pricing is the most significant factor when deciding on a lender. If you are borrowing from a mid-market lender (MML), it is more than likely that the deal will be papered on that MML's standard form...more

Fuerst Ittleman David & Joseph

D.C. Circuit: U.C.C. Article 4A Does Not Govern Judgment Creditors’ Claims to Sanctioned Company’s Funds Held by Intermediary...

On August 16, 2022, the United States Court of Appeals for the D.C. Circuit issued its ruling in Estate of Jeremy Isadore Levine, et al. v. Wells Fargo Bank, N.A., No. 21-7036, –F.4th– (D.C. Circuit August 16, 2022), a case...more

Ward and Smith, P.A.

Cyber Threats, Creativity, and Growth: Recapping the 2022 Annual Factoring Conference

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Last month, I attended the 28th Annual Factoring Conference presented by the International Factoring Association (IFA) in Boston.  This is the world's largest conference of its kind, dedicated solely to banks, lenders,...more

Sheppard Mullin Richter & Hampton LLP

Judgment Creditors Beware: Moving For Contempt May Be Within Reach, But Difficult To Grasp

In the New York County Commercial Division, Justice David B. Cohen’s ruling in B&M Kingstone, LLC v. Mega Int’l Comm. Bank Ltd., 2022 NY Slip Op. 30481(U) (Sup. Ct. N.Y. Cnty. 2022) makes clear that New York courts can compel...more

A&O Shearman

Court will assess feasibility of proposed scheme before allowing scheme application to go ahead

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In Re Kobian Pte Ltd the Singapore High Court, for the first time, exercised its discretion to decide that a scheme of arrangement proposal put forward by a company was not feasible and ultimately did not grant the scheme...more

Robins Kaplan LLP

Financial Daily Dose 6.21.2021 | Top Story: Credit Suisse Turns Off Cash Spigot for SoftBank and Masa Son

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Stung recently by the collapse of Greensill Capital and Archegos Capital Mgmt (the latter alone which cost it more than $5.5 billion), Credit Suisse recently “dissolved a longstanding personal lending relationship” with Masa...more

Thomas Fox - Compliance Evangelist

Too Complex to Succeed: Citibank Incorrect Wires Out $900MM: Part 3 – Pierson v. Post and Black Swans

This week, I have been reviewing the recent court decision involving Citibank. The bank was attempting to recoup some $500 million of a total of $900 million it erroneously wired out on behalf of Revlon to Revlon’s creditors....more

McGuireWoods LLP

SDNY Judge Rules Lenders Can Retain Mistakenly Paid Funds

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In a decision issued Feb. 16, 2021, Judge Furman of the U.S. District Court for the Southern District of New York held that lenders who were mistakenly paid in full by Citibank (the “Agent”) could retain those funds because...more

K&L Gates LLP

Public Consultation Underway for Consumer Credit Reforms

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On 25 September 2020, the Australian Government announced multiple reforms to consumer responsible lending laws, with the intention to stimulate the economy by reducing the cost and time for consumers and businesses to access...more

Carlton Fields

Florida’s New Receivership Act Offers Some Clarity for Commercial Real Estate Stakeholders

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Florida’s Uniform Commercial Real Estate Receivership Act (UCRERA) went into effect on July 1, 2020, just in time to offer some clarity concerning a remedy banks and creditors may seek in light of the COVID-19 economy. A task...more

A&O Shearman

The Liquidity Crunch

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The global economy has been greatly impacted by the COVID-19 pandemic and a significant drop in oil prices. The combination of these two factors coupled with the uncertainty surrounding the length of time COVID-19 will hold a...more

Baker Donelson

CARES Act Expands the Small Business Reorganization Act – Lenders Beware

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The Coronavirus Aid, Relief, and Economic Security Act (CARES Act) expands a new law that streamlines the Chapter 11 bankruptcy process for small businesses to include a larger group of small businesses. The Small Business...more

Skadden, Arps, Slate, Meagher & Flom LLP

Second Circuit Recognizes ‘Customer’ Safe Harbor in Tribune LBO Litigation

As we had anticipated in our prior client alerts, the “customer” safe harbor defense to constructive fraudulent conveyance claims challenging securities transactions — which was flagged by the U.S. Supreme Court in Merit...more

A&O Shearman

European Banking Authority Proposes Guidelines on Loan Origination and Monitoring

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The European Banking Authority has launched a consultation on draft Guidelines on loan origination and monitoring. The consultation stems from the European Council's Action Plan on tackling non-performing loans in Europe. The...more

White & Case LLP

Consumer financial services: The road ahead: Small-dollar loans

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In February 2019, the CFPB released the highly anticipated revamp of its Payday Rule, reinforcing its more lenient attitude towards payday lenders. In light of the Bureau’s softer touch, as well as similar developments at the...more

Dechert LLP

English Court of Appeal Refuses to Give Effect to Foreign Restructuring

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In a decision widely anticipated by investors in emerging market and distressed debt, the Court of Appeal has upheld the decision of the High Court to refuse to grant an indefinite moratorium on claims under certain English...more

Spilman Thomas & Battle, PLLC

What Bank Litigators Want Banks to Know About the State of Consumer Protection Litigation in W.Va.

For decades, consumer protection has led to copious amounts of litigation in West Virginia. In the past several years, the types of lawsuits filed under the debt collection provisions of the West Virginia Consumer Credit and...more

Spilman Thomas & Battle, PLLC

Recent Developments with Make-Whole Provisions in Chapter 11 Cases

A make-whole provision (also known as prepayment premium or call protection) in a loan agreement usually requires a debtor to pay a penalty based on a fixed percentage of the amount of a loan balance the debtor voluntarily...more

Dechert LLP

Restructuring and Insolvency Bulletin Issue 1 - 2017: United States: D&O Insurance Policies – a cautionary tale: the Peril of...

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Directors and officers (D&Os) of troubled companies should be highly sensitive to D&O insurance policies with Prior Act Exclusion. While policies with such exclusion may be cheaper, a recent decision by the U.S. Court of...more

Amundsen Davis LLC

A Tale of Caution: What Happens When A Bank Fails To Respond to Collection Efforts?

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Whenever a creditor obtains a judgment, the first avenue to attempt collection usually leads to a bank with the service of either a citation to discover assets or a non-wage garnishment. Sometimes banks have assets belonging...more

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