New Webcast Available: The new Corporate Insolvency and Governance Act 2020 – implications for financial institutions

The Corporate Insolvency and Governance Act 2020 came into effect on 26 June 2020. As mentioned in our previous blog post, it is expected that this Act will have a significant impact on secured and unsecured bank debt. Our Restructuring, Turnaround and Insolvency team have produced a series of short, informative and user-friendly webcasts focusing … Read more

Proposed insolvency reforms: impact on secured and unsecured bank debt

The new Corporate Insolvency and Governance Bill, currently expected to be enacted in mid-June 2020, is likely significantly to impact secured and unsecured bank debt. Most fundamentally, the Bill introduces a debtor-in-possession insolvency procedure for the first time in English law. This appears to grant super-priority to certain pre-moratorium unsecured debts (likely including unsecured banking … Read more

LIBOR Transition: Is ARRC’s Proposed Legislative Fix Constitutional?

In early March, 2020, the Alternative Reference Rates Committee (ARRC) in the US published a proposal for New York legislation to assist the transition of financial contracts away from US dollar (USD) LIBOR. In a blog post in March, HSF provided an overview of this proposal and its specific provisions. LIBOR transition: What does the … Read more

The Bank of England’s attempts to “turbo-charge” LIBOR transition in the cash markets: will these increase or decrease the litigation risks?

The past week has been important for developments in LIBOR transition, particularly for the cash markets where progress has hitherto been less advanced than other markets. On 26 February 2020, the International Swaps and Derivatives Association (ISDA) and Securities Industry and Financial Markets Association (SIFMA) hosted a joint conference on benchmark reform in London. One … Read more