All items from The COMI

Dubai World is reportedly set to use Decree 57 again.


From The COMI
Posted 6 weeks 6 days ago


Mon., December 1, 2014As investigators sift through the wreckage of Banco Espírito Santo SA, their focus is expanding beyond the alleged fraud and accounting problems that doomed the large Portuguese lender, the Wall Street Journal reported today. They also are looking into whether the bank was involved in money-laundering activities in multiple countries, according to people familiar with the investigations. The web of money-laundering investigations, most of them previously unreported, highlight the lengths to which Banco Espírito Santo went to win business in parts of the world that were shunned by rival lenders, according to former bank officials. And they mean that remnants of the bank, as well as some former executives and business partners, face a new level of government scrutiny and, potentially, penalties as the probes unfold. New York prosecutors and a federal grand jury are looking into whether Banco Espírito Santo’s Miami-based banking unit was used to launder money by a Venezuelan businessman who was one of the bank’s biggest clients.

From The COMI
Posted 7 weeks 6 days ago

Looks like Mexico learned from the debt restructuring experience of Argentina...


From The COMI
Posted 8 weeks 2 days ago

A new ruling by the Court of Appeals is great news for many New Yorkers who had been considering bankruptcy, but concerned that filing would cost them their rent-stabilized leases.


By NOV. 20, 2014

From The COMI
Posted 9 weeks 22 hours ago

The American Bankruptcy Institute (ABI) will hold its Tenth Annual International Insolvency and Restructuring Symposium on Oct. 30-31 at The Savoy Hotel in London. The educational program has been developed to provide attendees with an interactive learning experience led by a faculty of prominent international insolvency practitioners, and attendees have the opportunity to earn up to 6/7 hours of CLE/ CPE hours of credit! Sessions at the Symposium will include:

  • America Now!
  • Judicial Forum
  • Eurozone Update 2014
  • Current Issues in International Restructuring
  • Cooperation in Cross-Border Cases: Has the Universalist Bubble Burst?

Click here to register.

From The COMI
Posted 13 weeks 4 days ago

Here is another story that is being sold to the public to try to create confidence that there will not be a Lehman #2.  Whether one buys it seems to come down to a question of whether banks should be relied on to keep contractual promises that are contrary to their economic interests and, in the short run at least, to those of their shareholders.


By Gregory Mott  
October 13, 2014

Eighteen global banks have agreed to swaps contract changes designed to work with government rules for unwinding failed firms, a step that may help end the view that some financial companies are “too big to fail.” 
Counterparties of banks involved in resolution proceedings will delay contract termination rights and collateral demands under the plan announced by the International Swaps and Derivatives Association. The change is intended to give regulators more time to arrange orderly resolutions, ISDA said in a statement released in Washington on Saturday.

From The COMI
Posted 14 weeks 6 days ago


Wednesday, October 8, 2014
By Caroline O’Doherty

The State agency set up to help free ordinary people from unmanageable debts has a fraction of the clients it expected despite the massive level of household mortgage, loan and credit card arrears in the country.

Lorcan O’Connor, director of the Insolvency Service of Ireland (ISI), admitted the numbers using the service were “exceptionally low” as he announced a number of incentives to persuade people to come forward.

Until the end of next year, the application fee, which can be up to €500, is being waived for all new applicants, and a payment of €750 will be made towards the costs incurred by a personal insolvency practitioner (PIP) in preparing a debt resolution plan that is subsequently rejected by the creditors.

Latest figures show just 80 personal insolvency arrangements have been approved since the ISI began a year ago. PIAs are for people with combined mortgage and other debts they cannot pay and were expected to be the ISI’s main business.

Just 58 debt settlement arrangements — for people with more €than 20,000 in unsecured debts such as credit card arrears and overdrafts — have been approved as well as 172 debt relief notices for people with unsecured debts of less than €20,000. That’s a total of 311 arrangements when the ISI expected to be handling 7,000 a year.

From The COMI
Posted 15 weeks 4 hours ago

Per Reuters:

Fri Oct 10, 2014 6:56pm EDT
By Randall Palmer and Douwe Miedema

Oct 10 (Reuters) - Regulators from the United States and the United Kingdom will get together in a war room next week to see if they can cope with any possible fall-out when the next big bank topples over, the two countries said on Friday.

Treasury Secretary Jack Lew and the UK's Chancellor of the Exchequer, George Osborne, on Monday will run the first-ever joint exercise simulating how they would prop up a large bank operating in both countries that has landed in trouble.

Also taking part are Federal Reserve Chair Janet Yellen and Bank of England Governor Mark Carney, and the heads of a large number of other regulators, in a meeting hosted by the U.S. Federal Deposit Insurance Corporation.

From The COMI
Posted 15 weeks 5 hours ago