Tag Archives: lender

New Year; New Personal Insolvency Regime for Slovakia

The Slovak personal insolvency regime will change on March 1, 2017. The new system is aimed at opening personal insolvency to a wider debtor audience, while keeping it simple and cost effective. Today, only those individuals with assets over EUR 1,659.70 could seek a declaration of bankruptcy. Otherwise, the proceedings would be stopped and the doors … Continue Reading

Christmas on Credit

With the UK festive season now merrily in swing, credit cards maxed out on Black Friday and Cyber Monday bargains and Christmas shopping well under way, will the lure of the Christmas spirit be enough to tip some people over the edge into unmanageable debt? For many the holiday season is a time to adopt … Continue Reading

OKD a.s Insolvency Proceedings: New World Resources’ International Investors appeal to Czech Court

On September 9, 2016, Citibank’s London Branch filed a claim as collateral agent for the bondholders of New World Resources (NWR) with the High Court in Ostrava in the insolvency proceedings of OKD. OKD owns seven coal mines in the Czech Republic, employing over 13000 people. The low cost of coal and the refusal of … Continue Reading

Reviewing the Ratings

Multiple class actions have been commenced in the Australian Federal Court  in relation to losses suffered by investors in synthetic collateralised debt obligations and other financial products, some of which were distributed or sold by Lehman Brothers Australia Ltd (in liquidation) and by certain major Australian banks, and were assigned credit ratings by Standard and Poor’s. … Continue Reading

ECB Launches Public Consultation on Guidance to Banks on Non-Performing Loans

The European Central Bank (ECB) has launched a public consultation on its guidance to banks on handling non-performing loans (NPLs), which is open until 15 November 2016. The ECB has also published the first stocktake of national supervisory practices and legal frameworks concerning NPLs. The draft NPL guidance to banks, which is available on the ECB … Continue Reading

Why financiers should consider taking security over short leases

When we review security for financiers, we always consider what enhancements they might implement to strengthen their security net. As part of this approach, we obtain a proprietor search from the Land Registry to see if there is any uncharged property in the name of the borrower. Often, any property identified is a short to … Continue Reading

To Buy or Not to Buy?

Unfortunately that is not the question for many young (and even not so young) aspiring UK homeowners who are struggling to get their feet on the property ladder and buy their own home in the current market. It seems that the UK as a nation is obsessed with home ownership and that first rung on … Continue Reading

Is it possible to Restructure in Russia?

Theoretically, a Russian debtor is able to reorganize. In practice, the law currently does not encourage voluntary restructuring of debt in a way designed to preserve the continued operation of business and jobs.  The interests of debtors and creditors are not appropriately balanced at present to achieve the best results.  Creditors currently have a strong … Continue Reading

Russian Retailers Run into Trouble

There has been a significant increase in insolvencies in the construction, real estate, retail and wholesale sectors of the Russian economy, according to the statistics in the Competition Development Bulletin “Concentration on the Russian Markets: Trends in the Period of Recession” published in December 2015 by the Analytical Centre of the Government of the Russian Federation. … Continue Reading

Tread CAREfully, mind the funding gap…….

The health and social care sector is currently facing its most significant challenge since the Southern Cross care-homes collapse in 2011. A financial crisis is on the horizon, resulting from the unwelcome trifecta of rising staff costs, significant funding cuts and a steadily increasing regulatory burden. In the five years since the Southern Cross collapse … Continue Reading

Promociones Habitat, S.A. agrees to reschedule its debts

Promociones Habitat SA, the Spanish residential homebuilder, has completed a €1.45 billion restructuring which was the first refinancing of an existing composition agreement to use the provisions in a debt/equity swap within Spain’s new company rescue laws. In 2008 Promociones Habitat SA (Habitat)applied for voluntary bankruptcy with accumulated liabilities of 2,840 million euros. Two years later, … Continue Reading

Interest Rate Mis-selling – Temporary Relief For Banks

The interest rate mis-selling scandal took another twist recently when a landmark legal case was dismissed by the High Court. Had the case been successful it would have challenged the banks’ £2.1bn compensation scheme set-up to settle inappropriate interest rate swaps – however the decision only brings temporary relief for the banks. Background A judicial review … Continue Reading

German Administrator of Maple Bank GmbH seeks Chapter 15 Recognition in US

Maple Bank GmbH (“Maple”) has operated in Frankfurt, Germany since 1994. The bank acted in the business areas of equity and fixed income trading, repos and securities lending, deposits, structured products and institutional sales. Maple has branches in Germany, Netherlands and Canada and subsidiaries in U.S., U.K. and the Cayman islands. It is part of the … Continue Reading

Creditors of Lehman Brothers Australia to Receive Further Dividends

The Federal Court of Australia has approved a settlement, effectively resolving one of the most complex corporate insolvencies in Australian history. On 18 December 2015 the Federal Court of Australia approved a settlement relating to inter-company loans and disputed assets between the liquidators of Lehman Brothers Australia Ltd (LBA) and American parent company Lehman Brothers … Continue Reading

Spanish Solar Energy Crisis: Restructuring Abengoa

Abengoa, the Spanish engineering and energy firm, has communicated to Spain’s High Court that it has initiated restructuring negotiations with its creditors in an attempt to avoid insolvency proceedings. If the restructuring is unsuccessful, it would produce one of the major insolvencies in the history of Spain. On December 18 2015, the Court said it would … Continue Reading

EMIR Mandatory Clearing Will Start On 21 June 2016

The European Union regulation on derivatives, central counterparties and trade repositories (EMIR) introduces new requirements to improve transparency and reduce the risks associated with the derivatives market. EMIR also establishes common organisational, conduct of business and prudential standards for Central Counterparties (CCPs) and trade repositories. In the EU official journal, it was stated on 1 December 2015 that … Continue Reading

Michael Cuda comments on energy lending on Bloomberg TV

On October 15,  Squire Patton Boggs Partner Michael Cuda was interviewed for a segment on Bloomberg TV’s “Markets” program where he discussed the price of oil and energy credit line redeterminations. Michael, based in the Dallas office, specializes in petroleum-industry turnarounds. He said Banks that lend money to energy companies are likely to slash credit … Continue Reading

Insolvency Reform in United Arab Emirates on the Horizon

The United Arab Emirates (UAE) appears to be finally in the process of issuing a long-awaited new federal insolvency law. Described by some as a game-changer, the government announced in July that its Cabinet has approved a draft of the new law replacing the old (and largely unused) insolvency regime. The highly anticipated law is … Continue Reading

New High Court Treatment for Subject Access Requests

Dealing with subject access requests (“SAR”s) under the Data Protection Act 1998 is becoming a regular occurrence for many organisations, particularly banks and their advisors.  Processing such requests can take up significant manpower and the costs can be substantial.  Whilst designed to allow individuals to access personal data, determine its source, why it is held … Continue Reading
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