The Impact of Brexit on Close-out Netting Opinions
Published 2 months ago
Robert Peat, Consultant, D2 Legal Technology
On 1 December 2020 ISDA published a high-level overview of certain considerations regarding contractual arrangements between EU/EEA-based counterparties and contractual arrangements governed by the law of an EU/EEA Member State in the light of the UK’s exit from the EU (“
Brexit”). The implications of Brexit will clearly have an obvious impact on many areas of the financial sector. This includes the analysis conducted for regulatory capital purposes through close-out netting legal opinions. Many, if not all, EU jurisdiction legal opinions will be impacted to some extent by Brexit’s impact on contractual arrangements.
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The insolvency resolution process in India has in the past
elaborated the simultaneous operation of several statutory
instruments. This includes the Sick Industrial Companies Act, 1985,
the Securitization and Reconstruction of Financial Assets and
Enforcement of Security Interest, 2002, the Recovery of Debt Due to
Banks and Financial Institution Act, 1993 and the Companies Act,
2013.
The involuntary liquidation provisions in the Insolvency and
Bankruptcy Code, 2016
(“IBC”) came
into effect on 15
th December 2016. Along with this, the
Insolvency and Bankruptcy Board of India (Liquidation process)
Regulations 2016
(“Regulations”) were
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A comprehensive change to German insolvency and restructuring law has become effective starting 1 January 2021. The change allows that a company s reorganization is possible without insolvency and includes the majority decision of its creditors.
In its final session in 2020, the German Bundestag passed the so-called Act on the Further Development of Restructuring and Insolvency Law (SanInsFoG), which will be applicable starting 1 January 2021. The law is based, among other things, on an EU directive that requires all member states to allow non-insolvency restructuring. The expected economic dislocations, as a result of the Covid-19 pandemic, have prompted German lawmakers to bring forward this legislative project and also create additional extensive mitigations for the economic consequences of the lockdown for companies.
Tuesday, January 26, 2021
A comprehensive change to German insolvency and restructuring law has become effective starting 1 January 2021. The change allows that a company s reorganization is possible without insolvency and includes the majority decision of its creditors.
In its final session in 2020, the German Bundestag passed the so-called Act on the Further Development of Restructuring and Insolvency Law (SanInsFoG), which will be applicable starting 1 January 2021. The law is based, among other things, on an EU directive that requires all member states to allow non-insolvency restructuring. The expected economic dislocations, as a result of the Covid-19 pandemic, have prompted German lawmakers to bring forward this legislative project and also create additional extensive mitigations for the economic consequences of the lockdown for companies.
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