An important decision has been handed down by the High Court of Australia which relates to the order of payment of statutorily preferred debts out of trust property held by an insolvent corporate trustee. There has long been frustration that the Australian companies legislation makes little clear provision for corporate trustees that become insolvent and […]
Tag: Insolvency Laws
- Posted by Mark Daley
- On 22 February 19
- Court of Appeal, Creditors, Directors, Insolvency Laws, Liability
There are limits on the ability of shareholders to ratify dubious acts of the directors – it cannot be effective if the interests of existing creditors have become paramount (so as to subordinate the duties owed to shareholders) and are prejudiced. This is particularly relevant to upstream guarantees. On 6th February, the Court of Appeal […]
The first instance judgment last Wednesday in GPP Big Field LLP v Solar EPC Solutions SL, concerning the consequences of an insolvent contractor failing to construct five solar power farms in the UK, has plenty for energy and projects lawyers. Of wider interest is the argument made by the solvent parent company that its indemnity […]
The 9th July “JHA opt in decision” is that even if the proposed EU regulation on the law applicable to so-called “third party effects” became law, the UK would not adopt it. Constitutional scholars will already know that the EU’s power to make the Regulation stems from Article 81(2) of the Treaty on the Functioning […]
Basel and other regulators seem to regard credit risk as being under control and have identified reputational and IT risks – risk you cannot close off with prudential capital charges – as the sources of the next crisis. Another one being talked about is potential illiquidity for funds, which are buying more illiquid assets in […]
A letter sent jointly by AFME, ICMA, and various pan-European, Dutch and German trade bodies repeats the points you have read in this blog about the continuing very uneven playing field for securitisation compared to other fixed income instruments, and especially covered bonds: for Solvency II, the risk factors remain too high for non-senior tranches […]
Last Friday afternoon the EC adopted the Solvency II Delegated Act, which (if approved by the EP and the Council) would improve the capital treatment of STS-senior position for insurers (to be more closely aligned with covered bonds) as from 1st January 2019, but leaving non-senior STS and non-STS transaction holdings unattractive.
- Posted by Luciano Morello
- On 6 June 18
- Financial Regulation, Insolvency Laws, Italy, Security Measures
International Comparative Legal Guide to: Securitisation 2018 An update on the legal framework in Securitisation in Italy, by Luciano Morello and Ugo De Vivo.