Part II Bank Resolution, 7 Banking Act Restructuring and Insolvency Procedures

2016 ◽  
Author(s):  
Olivares-Caminal Rodrigo ◽  
Douglas John ◽  
Guynn Randall ◽  
Kornberg Alan ◽  
Paterson Sarah ◽  
...  
Keyword(s):  
Financial Services ◽  
Insolvency Law ◽  
Banking Reform ◽  
Bank Resolution ◽  
Essential Services ◽  
Corporate Insolvency

This chapter starts by introducing the Insolvency Act 1986 and the Insolvency Rules 1986. It argues that for the most part they work effectively in the rescue or liquidation of companies. Special insolvency regimes have been put in place for a number of important industries in order to meet the situation where the application of the normal corporate insolvency law to a monopoly company causes essential services to be interrupted. The area governing both banks and investment firms has undergone more recent reforms with the introduction of the Financial Services Act 2012, the Financial Services (Banking Reform) Act 2013, and with the move to implement the Bank Recovery and Resolution Directive. Specific measures concerning the broader special administration and insolvency arrangements are addressed, looking at the treatment of depositors and client assets and explaining the priority accorded to them during the administration and insolvency procedure.

Sources of English Corporate Insolvency Law

2017 ◽  
Author(s):  
Hamish Anderson
Keyword(s):  
Civil Law ◽  
Insolvency Law ◽  
General Body ◽  
Corporate Insolvency ◽  
Different Sources

Reference is quite frequently made to the ‘insolvency code’ but this is misleading; there is no codification of English insolvency law which would bear comparison with a civil law code. The term is used colloquially to refer to the general body of insolvency law, covering both personal and corporate insolvency, which derives from a number of different sources. The term is also sometimes used more specifically to refer to the rules dealing with the ranking and priority of creditors.

Individual accountability in Irish credit institutions—Lessons to be learned from the United Kingdom’s Senior Managers’ Regime

2018 ◽  
Vol 47 (1) ◽  
pp. 35-52
Author(s):  
Blanaid Clarke
Keyword(s):  
Central Bank ◽  
Financial Services ◽  
Financial Institution ◽  
Banking Crisis ◽  
Public Concern ◽  
Senior Managers ◽  
Banking Reform ◽  
Intensive Supervision ◽  
Administrative Sanctions ◽  
Individual Accountability

This article examines the Senior Managers' Regime (SMR), the duty of responsibility and the offence relating to a decision causing a financial institution to fail introduced by the Financial Services (Banking Reform) Act 2013 to give legislative effect to the recommendations of the Parliamentary Commission on Banking Standards. The Commission had examined impediments to accountability in the wake of the LIBOR scandal. The article explores the value of introducing similar requirements and regulations in Ireland as a means of improving individual accountability and allaying public concern in light of the Irish Banking Crisis and the more recent tracker mortgage scandal. It concludes that in cases of mismanagement which is not deliberate or reckless, the Central Bank of Ireland's model of proactive and intensive supervision and enforcement might benefit from the utilization of a SMR enhanced administrative sanctions procedure alongside its Fitness and Probity Regime. However, the introduction of an offence in Ireland relating to a decision causing a financial institution to fail, while appearing to respond to a public desire to improve accountability, would give rise to a number of significant challenges particularly in relation to enforcement.

scholarly journals The Rise of Covenant-lite Lending and Implications for the UK’s Corporate Insolvency Law Toolbox

2019 ◽  
Vol 39 (3) ◽  
pp. 654-680
Author(s):  
Sarah Paterson
Keyword(s):  
United States ◽  
Detailed Analysis ◽  
Early Warning ◽  
Print Media ◽  
The United States ◽  
Central Banks ◽  
Law Reform ◽  
Insolvency Law ◽  
Corporate Insolvency ◽  
Working Out

Abstract This article is, so far as the author is aware, the first to examine in detail the implications of the explosion of covenant-lite loans for English corporate insolvency law. Covenant-lite loans lack certain early warning mechanisms that have traditionally been found in loans to heavily indebted borrowers. Concerns about the implications of covenant-lite loans have been raised in the broadcast and print media, and by economists and central banks in England and the United States. This is an issue that matters to us all. This article argues that covenant-lite lending means that lenders and borrowers may start restructuring negotiations when the scale of the distress is acute, implicating operational and financial liabilities. It provides a detailed analysis of the additional corporate insolvency law tools which may be needed as a result, and explains why this analysis is relevant for the detailed working out of current corporate insolvency law reform proposals.

Part IV Regulatory and Other Developments in the UK 2010‒2016, 14 Financial Services (Banking Reform) Act 2013

2018 ◽  
Author(s):  
Mccormick Roger ◽  
Stears Chris
Keyword(s):  
Financial Services ◽  
Small Businesses ◽  
Banking Sector ◽  
Banking Industry ◽  
Banking System ◽  
Structural Reform ◽  
Professional Standards ◽  
Banking Reform ◽  
The Uk ◽  
Independent Commission

This chapter charts the passage of the Financial Services (Banking Reform) Act 2013. The Banking Reform Act was enacted in December 2013 and comprises of 8 parts and 10 schedules. The Act was intended to deliver on the government’s plan to create a more robust, better regulated and managed banking system, that supports the economy, customers and small businesses. The Banking Reform Act implemented the recommendations of the Independent Commission on Banking (on banking-sector structural reform) and the key recommendations of the Parliamentary Commission on Banking Standards (on behaviour, culture, and professional standards within the banking industry). The Act amended the FSMA, the Insolvency Act 1986, and the Banking Act 2009. It also provided the legislative platform for an enhanced accountability regime within financial services.

scholarly journals The Rise and Fall of Regulatory Competition in Corporate Insolvency Law in the European Union

2019 ◽  
Vol 20 (3) ◽  
pp. 547-566 ◽  
Author(s):  
Horst Eidenmüller
Keyword(s):  
European Union ◽  
Regulatory Competition ◽  
The European Union ◽  
Insolvency Law ◽  
Insolvency Regulation ◽  
Corporate Restructurings ◽  
Dominant Market Position ◽  
Market Leader ◽  
Corporate Insolvency ◽  
The Uk

Abstract In this article, I discuss the rise and fall of regulatory competition in corporate insolvency law in the European Union. The rise is closely associated with the European Insolvency Regulation (EIR, 2002), and it is well documented. The UK has emerged as the ‘market leader’, especially for corporate restructurings. The fall is about to happen, triggered by a combination of factors: the recasting of the EIR (2017), the European Restructuring Directive (ERD, 2019) and Brexit (2019). The UK will lose its dominant market position. I present evidence to support this hypothesis.

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