Since the collapse of Lehman Brothers and the ensuing global financial crisis, policymakers, central banks and regulators have introduced a raft of new measures designed to assist the resolution and recovery of systemically important financial institutions.

In an article for International Corporate Rescue, Andrew Wilkinson, Alex Wood and Paul Bagon evaluate legislative and market efforts to impose temporary stays on closing-out OtC transactions, including under the European Bank Recovery and Resolution Directive and the new ISDA protocol.  The authors consider the impact of these measures on the authorities’ powers to implement an effective and timely resolution of distressed financial institutions and debate whether the possibility of “another Lehman Brothers” has now been consigned to the history books.

This article first appeared in Volume 12, Issue 3 of International Corporate Rescue and is reprinted with the permission of Chase Cambria Publishing – www.chasecambria.com.

UK Court of Appeal judgment in Lehman Waterfall I appeal

May 14, 2015

The Court of Appeal in London today gave judgment in the Waterfall I Appeal, a dispute as to the distribution of the estimated £7 billion surplus of assets in the main Lehman operating company in Europe, Lehman Brothers International (Europe) (LBIE). LBIE entered administration on 15 September 2008 and has now paid its unsecured creditors […]

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Distressed Investing and Restructuring Considerations in the Oil & Gas Industry

May 8, 2015

In this webinar from our U.S. colleagues, Business Finance & Restructuring partners Gary Holtzer, Alfredo Pérez and Joseph Smolinksy, and Private Equity partner Rodney Moore  discuss: Issues in oil and gas financings, including the mechanics of reserve-based lending facilities and production payments Risks and opportunities associated with domestic and foreign oil and gas assets Debt […]

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Collective Redundancies in the UK – the Woolworths case

May 5, 2015

The European Court of Justice has handed down its judgment in the Woolworths case, concerning the trigger point for collective redundancy consultation under UK legislation.  Back in 2013, the UK Employment Appeals Tribunal had considerably extended the burden of collective redundancy consultation by requiring all proposed redundancies across a business to be taken into account […]

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Closing a loophole, confirming market practice

April 24, 2015

Jetivia S.A. and another v Bilta (UK) Limited (in liquidation) and others [2015] UKSC 23 Insolvency practitioners and creditors alike will welcome the decision handed down by the Supreme Court on 22 April 2015. It reduces the wiggle room given to delinquent directors of insolvent companies when claims are brought against them, and confirms the […]

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