Eversheds has welcomed 10 new members to the Eversheds Africa Law Institute (EALI) a platform for collaboration and best legal practice across Africa, taking the total number of EALI African firms up to 33. EALI is a form that allows member law firms in Africa to access training, secondment and knowledge-sharing programmes for lawyers and […]
DLA Piper has advised the shareholder of Amazing Holding on the sale of B2S Group to Q-Dance Partners, part of SFX/ID&T. SFX/ID&T has acquired 50 per cent of the shares of B2S, a Dutch festival promoter. The other 50 per cent was already held by acquisition entity Q-Dance. The deal will give SFX/ID&T a larger […]
Conyers Dill & Pearman has played key roles in both of Marine Money’s Securitisation Deals of the Year. Announced in the publication’s February/March issue, the deals of the year highlight the two most notable shipping securitisations from 2013 and the financial institutions that executed them. Taking home Marine Money’s Securitisation of the Year for the East was the Dong […]
Practically every aspect of financial law is regulated and controlled to the highest degree. Not so state insolvency. When a state becomes bankrupt, there are no bankruptcy laws. There is no regulation of the insolvency. There are no stays on creditors, no realisations of the assets, no compulsory disclosure of financial condition, no cram-downs, no […]
The purpose of this paper is to examine the impact of a sovereign state restructuring on credit default swaps. More than half of the world’s sovereign states have been insolvent since 1980. Sovereign insolvency is a frequent fact of life and further bouts of insolvencies at the state level around the world can be expected. […]
The case of NML Capital Ltd v Argentina decided by a US federal court of appeals in New York in October 2012 held that Argentina violated a standard pari passu clause in its old unrestructured bonds and therefore Argentina was ordered not to make any payments on new bonds unless it made a rateable payment […]
This paper explores how the Greek debt reorganisation of 2012 changed the rules of sovereign insolvency. It considers the ways in which this particular sovereign bankruptcy could affect future sovereign bankruptcies. There are at least 21 features, depending on whether you are a lumper or a splitter, which together represent a new momentum in the […]
By Stephen Kensell and David Krischer As the implications of the slew of financial services regulation targeting the banking sector become clear, governments and regulators around the world are turning their attention to shadow banking. This is an incredibly complex and complicated subject that regulators themselves still do not know how to tackle but that has […]
This paper is a summary checklist of the state of the art about contingency planning for a euro break-up. It is intended for all businesses and others — banks, corporates, regulators and governments. Many businesses have already largely completed this planning: for them, this paper is a checklist. The Intelligence Unit does not make forecasts of […]
This paper reviews the role of the euro in the context of the formation and break-up of currency unions. Allen & Overy considers the impact not just in relation to sovereign states but also corporations and banks. The paper deals with various questions raised by market participants about what would happen if the euro broke […]
By Raffaella Quintan, Antonio Carin, Benedetta Cicconi, Ilaria Curti, Raffaele Perfetto and Francesco Lalli By two separate decisions, the Italian High Court (Corte di Cassazione) has recently pointed out some very significant aspects concerning the application of Legislative Decree No. 231/2001 (corporate criminal liability). The judges of the Supreme Court have clarified the profile of the crime of […]
So here we go again — the world’s single biggest currency back in play. Cyprus is a tiny economy but the treatment of its financial problems by the eurozone could have symbolic and far-reaching consequences. Cyprus is like a small stone on a big wide beach casting a long shadow all the way down the […]