Starting from 22 September 2012, the beneficial owners (aka controllers), substantial shareholders, and senior executive officers of Ukrainian commercial banks could face personal financial liability for the insolvency of banks during liquidation.

On 29 February 2012, the Supreme Court of the United Kingdom handed down its long-awaited judgment on client money issues in the context of the Lehman's Administration. The judgment has an important bearing on likely recoveries for both segregated and non-segregated clients, the further work to be conducted by the Administrators and timing of distributions.

On 4 February 2012, the Spanish Official State Gazette published Act 2/2012, dated 3 February on the overhaul of the financial sector (the act). The act was approved by government, for reason of its urgency, and shall be endorsed by parliament in the following 30 days. In this alert we describe a summary of the most relevant provisions of the act which are likely to be of major importance to participants in this market.

Doing Business in the Slovak Republic has been prepared by the Prague office of Baker & McKenzie and its Slovak counsel Marek & Partners as a general guide for those companies or persons considering an investment in the Slovak Republic.

In August, Justice Geoffrey Morawetz of the Ontario Superior Court released his decision in Tucker v. Aero Inventory (UK) Ltd., which answered the question: Can a bankruptcy trustee pursue a preference action under s. 95 of the Bankruptcy and Insolvency Act (BIA) solely on behalf of, and for the benefit of a secured creditor?

The client alert discusses the Special Administration Regime (SAR) in relation to the MF Global insolvency and the 10 things you need to know about client money and asset protection.

This client alert summarizes important lessons for US distressed investors addressed in the recent Washington Mutual decision from the former chief bankruptcy judge in the District of Delaware.

The recently launched Global Restructuring and Insolvency Guide covers 39 jurisdictions and has been compiled by Baker & McKenzie lawyers experienced in the practical aspects of restructuring and insolvency. The Guide is divided into three regions: the Americas; Europe and the Middle East; and Asia Pacific. The Guide provides a summary of the relevant restructuring or insolvency regimes in each jurisdiction.

The Victorian Supreme Court recently struck out allegations made by the liquidator of Environinvest Ltd against the company's former directors on the ground that the allegations pleaded did not disclose a proper foundation or basis. In reaching its decision, the Court relied on section 18 of the Civil Procedure Act 2010 (Vic) (CP Act), and stated that "a liquidator is not excused from the obligations imposed on all litigants who commence proceedings in this and other courts."

This client alert discusses the much-anticipated decision in In re Fairfield Sentry, Ltd., the Bankruptcy Court for the Southern District of New York recently issued a decision holding that the tolling provisions under section 108 of the Bankruptcy Code automatically apply in a chapter 15 case, commencing on the recognition date.

Each year, Baker & McKenzie lawyers produce Doing Business in Russia - a general guide for companies operating in or considering investment into the Russian Federation. The guide presents an overview of the key aspects of the Russian legal system and regulation of business activities in this country.

LawInContext Financial Products Distribution Webinar Series: Spotlight on Argentina - Session 1: Currency and Exchange Controls

On 19 February 2011 the Spanish Official Gazette published the much-awaited Royal Decree Law 2/2011, dated 18 February 2011, adopting extraordinary measures to strengthen the financial system ("RDL 2/2011"). RDL 2/2011 entered into force on 20 February 2011 and establishes the terms of the next phase in the restructuring of the Spanish financial sector. The RDL 2/2011 will have a profound impact on Spanish savings banks known as "cajas". In order to secure their adequate capitalisation, the cajas may need to prepare themselves for stock-market listings, generate additional capital from private investors and/or generate further liquidity by way of divestments within a short timeframe.

The alert explains the increasing use of English law schemes of arrangement sanctioned by the English courts to facilitate the restructuring of non UK companies. There is a brief overview of the procedure that is followed to propose a scheme of arrangement together with a summary of the criteria that needs to be met to permit a non UK company to propose such a scheme. The alert explains the advantages of using such a scheme to implement a restructuring especially where there are dissenting creditors whose liabilities need to be crammed down. Finally, it summarises some recent examples of schemes involving non UK companies who have succesfully implemented restructuring proposals in this way.

The High Court in London has upheld the terms of the ISDA Master Agreement (1992 and 2002 versions) which makes it a condition precedent to any payment obligation that no Event of Default has occurred in relation to the other party.