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Practice notes
Ipso facto clauses definedContracts often contain provisions to the effect that the contracts will terminate upon the bankruptcy or insolvency of one...
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Produced in partnership with Liz Downing of Skadden Arps Slate Meagher & Flom LLP 12th Jan
Practice notes
STOP PRESS: This Practice Note is being updated for the Corporate Insolvency and Governance Act 2020 (CIGA 2020), which introduces a new insolvency...
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Produced in partnership with Stephen Allinson 12th Jan
Practice notes
DisclaimerUnder sections 178 and 315 of the Insolvency Act 1986 (IA 1986), a liquidator or a trustee in bankruptcy (trustee) has the power to disclaim...
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9th Nov
Practice notes
Creditors are often keen to establish proprietary claims as they create rights in rem (which attach to the property itself) rather than personal...
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9th Nov
Practice notes
This Practice Note covers receivers who are appointed by the court, including the circumstances in which a court will appoint a receiver and who may...
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Produced in partnership with John Hughes of Shakespeare Martineau LLP 12th Jan
Practice notes
It is possible for a claim to be brought under section 423 of the Insolvency Act 1986 (IA 1986) against a company or individual following a...
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9th Nov
Practice notes
A demand for payment is a formal demand made in accordance with the contractual requirements underpinning the liability which the party issuing the...
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Produced in partnership with James Hannant of Guildhall Chambers 12th Jan
Precedents
Court Reference No: [INSERT COURT REF. NUMBER][IN THE HIGH COURT OF JUSTICEBUSINESS AND PROPERTY COURTS [OF ENGLAND AND WALES OR IN [INSERT...
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9th Nov
Practice notes
The purpose of section 216 of the Insolvency Act 1986Section 216 of the Insolvency Act 1986 (IA 1986) is aimed at preventing phoenix companies from...
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9th Nov
Practice notes
IntroductionSet-off refers to claims that may be set-off against other claims. A set-off is the right of one party, Party A, who is owed money by...
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Produced in partnership with South Square and BDO LLP 12th Jan
Practice notes
BrexitBREXIT: The UK is leaving the EU on Exit Day (as defined in the European Union (Withdrawal) Act 2018). This has an impact on this Practice Note....
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9th Nov
Practice notes
What is a misfeasance claim under section 212 of the Insolvency Act 1986?Claims commenced under section 212 of the Insolvency Act 1986 (IA 1986) are...
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9th Nov
Practice notes
This Practice Note looks at independent business reviews (IBRs) and aims to:•provide high level guidance around an IBR•identify when an IBR may be...
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Produced in partnership with Allan Kelly of RSM 12th Jan
Practice notes
Coronavirus (COVID-19)This content contains guidance on subjects impacted by the Coronavirus Act 2020 and related changes to court procedures and...
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9th Nov
Practice notes
Coronavirus (COVID-19)This content contains guidance on subjects impacted by the Coronavirus Act 2020 and related changes to court procedures and...
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Produced in partnership with South Square and BDO LLP 12th Jan
Practice notes
Coronavirus (COVID-19)This content contains guidance on subjects impacted by the Coronavirus Act 2020 and related changes to court procedures and...
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9th Nov

Most recent Credit institutions content

Practice notes
The economic and legal backdropGeneral corporate insolvency law was inappropriate for distressed banks. In particular:•the insolvency practitioners...
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Produced in partnership with Dominic McCahill of Skadden 14th Apr
Practice notes
IP COMPLETION DAY: 11pm (GMT) on 31 December 2020 marks the end of the Brexit transition/implementation period entered into following the UK’s...
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14th Apr
Practice notes
BREXIT: 11pm (GMT) on 31 December 2020 (‘IP completion day’) marked the end of the Brexit transition/implementation period entered into following the...
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8th Apr
Precedents
Applicant[NAME OF WITNESS]First Witness StatementDate: []Exhibit [XX1]Court Reference No:[ INSERT COURT REF. NUMBER][IN THE HIGH COURT OF JUSTICE...
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8th Apr
Practice notes
This Practice Note provides a map of the financial services exemptions from the provisions for moratorium and restrictions on ipso facto clauses which...
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8th Apr
Practice notes
This Brexit Bank Recovery and Resolution Directive 2014/59/EU quick guide details UK legislation and retained EU legislation that was amended and/or...
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8th Apr
Practice notes
This Practice Note gives a general overview of the Bank Recovery and Resolution Directive 2014/59/EU (EU BRRD) which established a minimum harmonised...
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8th Apr
Practice notes
This Quick Look Brexit Financial Services Legislation Status Guide provides high-level information on the status of the Bank Recovery and Resolution...
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8th Apr
Precedents
[TO BE TYPED ON THE HEADED NOTEPAPER OF THE SPECIAL ADMINISTRATORS’ FIRM]TO ALL KNOWN CREDITORS[ENTER DATE]Dear Sirs[name of Investment Bank]—in...
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6th Apr
Practice notes
A package of legislation intended to reduce risks in the EU banking sector, known as the ‘banking package’, was published in the Official Journal of...
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30th Mar
Practice notes
This Practice Note outlines the key changes to UK banking reform adopted through the Financial Services (Banking Reform) Act 2013 (FS(BR)A 2013 or the...
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29th Mar
Precedents
[Investment Bank name](in Special Administration)Special Administrators’ Proposals for achieving the purpose of the Special AdministrationNotice:...
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24th Mar
Practice notes
The Bank Recovery and Resolution and Miscellaneous Provisions (Amendment) (EU Exit) Regulations 2018, SI 2018/1394 have an impact. For further details...
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Produced in partnership with Dominic McCahill of Skadden 24th Mar
Practice notes
Powers of the authoritiesEach of the five stabilisation options under the special resolution regime (SRR) is achieved through the exercise of one or...
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Produced in partnership with Dominic McCahill of Skadden 24th Mar
Practice notes
Special resolution regime toolkitWhen using the special resolution regime (SRR), the appropriate tool for the resolution or termination (or...
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Produced in partnership with Dominic McCahill of Skadden 24th Mar
Practice notes
Status of the UKAs of exit day (31 January 2020) the UK is no longer an EU Member State. However, in accordance with the Withdrawal Agreement, the UK...
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23rd Mar
Practice notes
BackgroundOne of the many issues adding to the complexity of the Lehman Brothers failure was the dispute over the beneficial ownership of certain...
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23rd Mar
Practice notes
How did the problem arise?Lehman Brothers International Europe (in administration) (LBIE) was (rather unusually) a private unlimited company and was...
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23rd Mar
Practice notes
IntroductionThe collapse of Lehmans on 15 September 2008 was marked by the following key events:DateEvent5 to 12 September 2008The share price of the...
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23rd Mar

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