Peter King considers the implementation of the Bank Recovery and Resolution Directive in a new article in the Butterworths Journal of International Banking and Financial Law.

Key points:

  • Full implementation leaves uncertainties which are unlikely to be resolved until the failure of a major bank.
  • A particular problem is whether a court outside the EU would recognise a bail-in ordered by a resolution authority in another EU member state.
  • The interaction between “market contracts” and bail-in powers (where, for instance, a bank acting as a clearing member is subjected to bail-in) remains unclear.

Please click here for the full article, “The EU Bank Recovery and Resolution Directive: moving towards full implementation”.

“Life is Full of Tough Choices”: Sixth Circuit Considers Interplay Between Change of Venue and Choice of Law Rules.

March 26, 2015

As Ursula the Sea Witch once said “Life’s full of tough choices, isn’t it?”  The Sixth Circuit was recently faced with its own “tough choice” on choice of law in Sutherland v. DCC Litigation Facility, Inc., No. 13-1497 (6th Cir. Feb. 20, 2015).  In Sutherland, the Sixth Circuit was asked to determine which state’s statute […]

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March Madness: Weil’s Final Four

March 25, 2015

Things are starting to get tense in the Bankruptcy Final Four this year, as the financial powerhouses are pitted against key procedural changes to chapter 11.  In one bracket, we have Kill Till (the crowd favorite, and by far the best excuse we’ve had to quote Tarantino movies on the Weil Bankruptcy Blog) up against […]

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Bankruptcy Is a Battlefield, but the Fight Is Over When You Shake on It

March 24, 2015

All’s fair in love bankruptcy and war . . . except when one side decides to keep fighting after there’s been a truce.  The petitioning creditors in In re BG Petroleum, LLC, a recent decision from the Bankruptcy Court for the Western District of Pennsylvania, apparently forgot this rule. In BG Petroleum, the court gave […]

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Trump-ing the Automatic Stay: Delaware Bankruptcy Court Allows Suit to Terminate Trademark Licensing Agreement

March 23, 2015

Section 365(c)(1) of the Bankruptcy Code limits a debtor’s ability to assume or assign a contract where “applicable law” excuses a non-debtor counterparty from accepting performance from a third party.  Circuits currently are split on whether this section prohibits a debtor from assuming an intellectual property license without the consent of the licensor.  Courts on […]

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ABI Chapter 11 Reform Commission Series: Trade Creditor and Employee Priorities

March 20, 2015

Readers, welcome to the latest installment of our ongoing coverage of the Final Report and Recommendations of the ABI Commission to Study the Reform of Chapter 11.  This post’s topic:  trade creditor and employee priorities (discussed in sections IV.D. and V.E. of the Report).  Although the Bankruptcy Code has a general policy of treating like […]

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Litigation or Estimation? When Should Nonbankruptcy Actions Continue in Their Original Forums, and When Should They Be Resolved Through Estimation in Bankruptcy Court?

March 19, 2015

“I can [resolve] that” – Sam the Onion Man, Holes (as modified) The relationship between bankruptcy courts and non-bankruptcy courts has been of particular importance over the past several years, particularly in the wake of Stern v. Marshall.  But well before Anna Nicole Smith, bankruptcy courts were sensitive to the proper disposition of prepetition nonbankruptcy […]

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